Bungalow deals gaining traction in Mumbai

In H1 2023, the majority of the residential sales were driven by projects launched in the last 18-month period, said the report from JLL.

Samar Chauhan, Executive Director of Parle Products Pvt Ltd, has purchased a property for Rs 78 crore in Juhu, Mumbai, documents accessed by IndexTap showed.

He has bought the leasehold land along with the building. The land area is 7,893 square feet (sq ft) and the ground plus two bungalow is spread across an area of 6,281 sq ft. The seller of the property is Alpa Chandrakant Shah. The deal was registered on June 8, 2023, the Deed of Assignment and Transfer showed.

The property is located on Juhu Tara Road, Vile Parle (West), Mumbai. It is part of the Theosophical Cooperative Housing Society Ltd. Stamp duty of Rs 4.68 crore was paid on the deal.

Parle Products has declined to offer any comment.

In April, film producer Sajid Nadiadwala’s production company, Nadiadwala Grandson Entertainment Pvt Ltd, had bought a 7,470 sq ft plot in Juhu Gaothan, Andheri West, for ₹31.30 crore.

Earlier this year, Nalin Gupta, Managing Director (MD) of J Kumar Infraprojects Ltd, a company that has several infrastructure projects to its credit, including the Navi Mumbai Metro, had bought two bungalows in Juhu for Rs 50 crore. The two bungalows measure 2,247 sq ft and 3,403 sq ft respectively.

In September 2022, Agarwal Holdings Pvt Ltd bought a 75,000 sq ft plot in Mumbai for Rs 332.8 crore. The plot is located in Juhu, Santacruz West, Mumbai.

Author Siddharth Dhanvant Shanghvi sold a family bungalow spread across 9,795 sq ft located in Mumbai’s posh Juhu area for Rs 84.75 crore to Agarwal Holdings Pvt Ltd in 2021.

In June 2022, Feat Properties Pvt Ltd, a subsidiary of K Raheja Corp, purchased a 3,278-square-metre bungalow in Mumbai’s Juhu area for Rs 182.75 crore from Bollywood director and producer BR Chopra’s family.

Media reports last year had said that Imperial Infra, a Boman Irani-led Rustomjee Group firm, had concluded a sale agreement with the Bandra Parsi Convalescent Home Trust for a one-acre plot near the Taj Lands End hotel for Rs 234 crore.

In April, BGH Properties, a company of the Aditya Birla Group, bought a bungalow in Mumbai for Rs 220 crore. The ground-plus-two property acquired by BGH Properties is located along Carmichael Road, ML Dahanukar Marg. The date of registration was April 10, 2023, the document showed.

Earlier in 2021, in one of the biggest property deals in Mumbai, Radhakishan Damani and his brother Gopikishan Damani bought an independent house in Mumbai’s posh Malabar Hill area for Rs 1,001 crore. The registration took place on March 31, 2021, the last day that the reduced 3 percent stamp duty was applicable on the sale of housing units in Maharashtra.