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Kumar Mangalam Birla purchases Mumbai bungalow for Rs. 425 cr

Tue, Sep 08, 2015, 11:29 AM
Mumbai, Sept 8: Kumar Mangalam Birla of the Aditya Birla Group is said to have purchased the iconic Aditya Birla Group in Malabar Hill of Mumbai for a new record price Rs. 425 crore during an auction on Monday.

The house has a 25,000 sq ft built-up area and the purchase is said to be the most expensive bungalow deal in the country.

The previous record purchase was that of Maheshwari House in the same Malabar Hill area. That house was sold for Rs. 400 crore in 2011, according to an English news channel here today.

In 2014, the house of Homi Bhabha, Mehrangir, located just a few feet from Jatia House, was purchased for Rs. 372 crore, reports said.

The international consultancy firm Jones Lang LaSalle carried out the Jatia House deal.

According to an official of the firm, the per sq ft rate comes to about Rs. 1.7 lakh. The official also said the plot of the bungalow is spread across 2,926 sq m (about 31,495 sq ft).

The bungalow is at present owned by Y Jatia and his family owns the Pudumjee Industries, which is into paper-related business.

Jatia is said to have purchased the property from M C Vakeel in the 70s.
Agency: Ap7am Desk

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