MUMBAI: The iconic bungalow where Dr. Homi J Bhabha, father of India's atomic energy programme lived for years, has now been formally put on block. The reserve price for the property, which had been home to the illustrious Bhabha family including Dr. Homi Bhabha and Dr. Jamshed Bhabha, is set at Rs 257 crore.
Meherangir, the residential bungalow in south Mumbai's Malabar Hill overlooking Hanging Garden, is built on land parcel of around 17,150 sq ft. Built up space of the bungalow is around 13,953 sq ft.
The National Centre for the Performing Arts (NCPA), India's premier cultural institution on Wednesday invited developers and other interested entities to bid for this prime property.
After Dr. Homi Bhabha passed away in 1966, his brother Jamshed became the custodian of the Bhabha estate. Jamshed Bhabha prior to his death at 93 years in 2007, had willed the property along with paintings, jewellery, artefacts and furniture to NCPA which he had set up.
The successful bidder is expected to deposit Rs 2.5 crore as participation deposit and 10 per cent of bid amount soon after signing the letter of intent. The last date for completion of due diligence and bids submission has been set on June 17.
The property is being sold through sealed bids and the bids will be opened on June 18, said the public advertisement. Following the finalization of buyer, NCPA will seek the charity commissioner's approval to transfer the property. Property consultant Jones Lang LaSalle India has been appointed as the advisor for the transaction.
Currently the plot houses the bungalow with of Ground + three storeys, a garden, garages and servant quarters. According to realty consultants, the property offering sea-view is suitable for an exclusive signature bungalow or a premium multi-storey apartments. But they also noted the property may not be able to house a building of over 15 stories due to restrictions of coastal regulation zone.
Property consultants expect the property to see good interest from developers and industrialists as end users. The nearly 50-year old property has total 17 rooms, a private library, a study and a large verandah.