The Aditya Birla Group company B G H Properties has acquired a bungalow, Sunny Ville, spread over nearly half an acre on South Mumbai’s upscale Carmichael Road for over Rs 220 crore.
In September 2015, Kumar Mangalam Birla, chairman of the Aditya Birla Group, had emerged as the highest bidder for the sea-facing bungalow, Jatia House, in India’s largest-ever property deal then.
The billionaire industrialist and philanthropist paid Rs 425 crore to buy this two-storey palatial house in the city’s tony Malabar Hill area.
The new property acquired by B G H Properties is not too far from Jatia House. The ground plus two-storey bungalow on Dahanukar Marg has a total constructed area of nearly 19,000 sq ft along with covered garages.
B G H Properties acquired the bungalow and the land parcel from the Estate of Ernie Kharshedji Dubash through her surviving will executors Adi N Palia, Darious Sorab Cambatta, Cyrus Soli Nallaseth, Adi Hirji Jehangir and Chetan Mahendra Shah.
The buyer has paid stamp duty of Rs 13.20 crore for the registration of the deal concluded on April 10, documents accessed through Zapkey.com showed.
Over the past few years, several bungalows in south Mumbai’s toniest localities of Carmichael Road, Altamount Road, Nepean Sea Road and Malabar Hill have made way for luxury skyscrapers. Several industrialists and India’s uber rich have also been buying bungalows for their personal use in the billionaires’ district.
Soon after 2015’s Jatia House deal, Cyrus Poonawalla, chairman of the Poonawalla Group, emerged as the highest bidder for the US Consulate’s Lincoln House at Breach Candy for Rs 750 crore, making it the costliest transaction for a house.
In 2014, the Godrej family acquired Mehrangir, the Malabar Hill house of Homi Bhabha, father of India’s nuclear programme, for Rs 372 crore.
In April 2021, in the largest ever residential transaction anywhere in the country, Radhakishan Damani, billionaire investor and founder of D-Mart, bought a bungalow in Malabar Hill for Rs 1,001 crore. Damani acquired this property along with his younger brother Gopikishan Damani.