Old News - 60-yr-old South Mumbai Bungalow ( Villa Nirmala ) sold for Rs 300cr

60-yr-old south Mumbai bungalow sold for Rs 300cr

      
TOUCHING THE SKY: Villa Nirmala on Carmichael Road 
Villa Nirmala on Carmichael road was purchased by Peninsula Land and developer Khemchand Kothari 

An old bungalow property in the exclusive residential enclave of Carmichael Road in south Mumbai is believed to have been sold for around Rs 300 crore. 

Villa Nirmala, an over six-decade-old property, has been jointly purchased by Peninsula Land, which is part of the Ashok Piramal Group, and developer Khemchand Kothari. Interestingly, a member of the Kothari family was recently involved in a hit-and-run accident at Marine Drive. 

Sources said the transaction involved a payment of Rs 240 crore plus 15,000 sq ft of space for the occupants of the bungalow once it was redeveloped. The bungalow, which has a garden at the back and occupies about half-an-acre, may give way for a skyscraper in the otherwise low-rise Carmichael Road, a declared heritage precinct. The only high-rise on this road is the 24-storey Usha Kiran which came up in the mid-1960s. Buildings in the area command prices ranging between Rs 40,000 a sq ft and Rs 90,000 a sq ft. 

However, sources close to the Villa Nirmala deal said it was too early for the developers to divulge details about the project. ''We are working on it,'' they said. The ground-plus-two-storey bungalow once belonged to Maharaj Kumar Khanderao Shivajirao Gaekwar and subsequently came into the possession of two families, the Wagles and Lalvanis. 

Local residents told TOI that most buildings on Carmichael Road had a covenant which restricted their height and did not allow them to go beyond a certain height in case they were to be redeveloped. But, in case if the building is a cessed structure (which has tenants and constructed prior to 1940), the restrictive heritage rules do not apply and the property gets an enhanced floor space index (FSI). The developers of Villa Nirmala claim that it is not a cessed property. 

In the 1930s and 1940s, Carmichael Road saw a plethora of stately homesdotting the lush hillslopes. Old-timers recalled that many of these houses were built for about Rs 1 lakh to Rs 1.5 lakh. Among the oldest is the sprawling municipal commissioner's bungalow and the official residence of the Port Trust chairman which came up in the 1920s.

Source : http://timesofindia.indiatimes.com, Nauzer K Bharucha, TNN
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Piramal group buys Bishopsgate at Breach Candy for 272 crore

Peninsula Land Ltd Outbids Four Competitors At Auction

Bishopsgate, a fivestorey residential building coowned by Standard Chartered and the Hongkong and Shanghai Banking Corporation Ltd in upscale Breach Candy, was sold for Rs 272 crore to Peninsula Land Ltd, an Ashok Piramal Group company, on Tuesday. Peninsula was declared the winning bidder among four other competitors at an auction by Jones Lang Laselle, a global property firm.

StanChart holds 75% stake while Hongkong bank controls 25% in the building which has 12 apartments and 12 garages. Senior executives of both banks resided there before a decision was taken to hive off the property early this year. Peninsula Land will demolish the building and replace it with a luxury residential tower. The property falls under coastal regulation zone 2 and has a built-up area of 40,000 sq ft. Property rates in Breach Candy are Rs 50,000 a sq ft and above.
Refer for Price Trends : http://www.commonfloor.com/breach-candy/mumbai/locality/22thny/price-trends

When bids were invited two months ago, market sources expected the property to fetch Rs 300 crore. However, as the real estate market has slowed down considerably, Peninsula’s offer was considered high enough as it outbid four rivals at an auction at a Central Mumbai five-star hotel.

Sources said the others in the fray were the Wadhwa Group, Mahindra Lifespaces, Gammon India Ltd and industrialist D P Jindal, who apparently wanted the property for personal use.
Although the reserve price was set at Rs 211 crore, sources said the auction commenced at Rs 234 crore and climbed to Rs 272 crore. The due diligence of the property, along with finalization of the indenture of conveyance by the winning bidder, will be completed by November 19, 2011, according to the bid document. The property will be handed over to the winning bidder on or before November 28, it added.

Peninsula Land has been eying prime plots in the city for the last few years. It recently signed an informal agreement to take over redevelopment rights of veteran actor Dilip Kumar’s half-acre Pali Hill bungalow. Last year, Peninsula jointly purchased Villa Nirmala, an old bungalow property in the exclusive residential enclave of Carmichael Road, for around Rs 300 crore. The transaction involved a payment of Rs 240 crore, plus 15,000 sq ft of space for the bungalow’s occupants, once redeveloped. The structure, which occupies about half an acre and has a garden at the back, may make way for a skyscraper.

In the same locality, steel tycoon Sajjan Jindal sold Morena House, a one-storey terrace bungalow, owned by his company Windsor Residency, for about Rs 300 crore, to industrialist Ajay Mittal of Arshiya International, a supply chain and logistics management solution.

EARLIER DEALS

• Villa Nirmala, admeasuring roughly 16,000 sq ft, was purchased by Peninsula Land, part of the Ashok Piramal Group, and developer Khemchand Kothari for 300 crore
• Sajjan Jindal purchased Maheshwari House, a threestorey bungalow on Nepean Sea Road. Spread over an acre, it was acquired for about 400 crore
• Mafatlal Industries sold a 3.33 lakh sq ft parcel of land in Mafatlal Mills in Byculla for 605.80 crore to Gliders Buildcon LLP, a subsidiary of Piramal Realty

PRIME PROPERTY: The five-storey residential building was co-owned by Standard Chartered and Hongkong Bank

Source : http://ressex.blog.com/2011/10/05/pbbabc, TIMES NEWS NETWORK

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South Mumbai bungalow sold for record Rs 350 crore

Nepean Grange on Nepean Sea Road.

A suburban developer has paid a record price of Rs 350 crore for a Nepean Sea bungalow property. Runwal Group, which has projects largely in the eastern suburbs, bought Nepean Grange , the two-storey bungalow constructed in 1918, from the Kapadia family. The transaction was finally concluded a few days ago after months of negotiations, TOI has learnt. Property sources said this could probably be the highest price paid for a bungalow in the city. The 2,048 sq m land also has an outhouse, servants' quarters and a car park. 

The half-acre property, which falls under the coastal regulation zone II, was on the block for two years and the developer had to deal with nine joint owners of the Kapadia family. The owners settled the deal for Rs 270 crore. However, the bungalow also housed a tenant, the Lilani family, who demanded Rs 80 crore from Runwals to vacate the property. 

The new owners of Nepean Grange will compensate the tenant who currently occupies about 4,800 sq ft of the 28,000 sq ft bungalow. The bungalow is located close to the Kilachand House, which too is on the block. 

The Runwals will demolish Nepean Grange and build a high-end residential tower on the land. The Piramals, ABG Shipyard and Orbit Group were some of the other contenders for this property. 

Last year, an old bungalow property called Villa Nirmala in the residential enclave of Carmichael Road in south Mumbai was bought for around Rs 300 crore by Peninsula Landpart of the Ashok Piramal Group and developer Khemchand Kothari. The transaction involved a payment of Rs 240 crore, plus 15,000 sq ft of space for the occupants of the bungalow once it was redeveloped . The structure, which occupies about half an acre and has a garden at the back, will make way for a high-rise . 

Bungalows with heritage value have been falling to developers like nine pins over the past decade. Some of the most beautiful ones are located on Nepean Sea Road and Altamount /Carmichael Roads in south Mumbai. 
In 2004, the Cama family of Mumbai Samachar sold its sprawling bungalow, Cosy Corner, behind Elizabeth Nursing Home (off Nepean Sea Road) for Rs 108 crore to the Satellite Group. The two-storeyed Cama bungalow, constructed in the 1920s, had close to a dozen rooms and a porch that overlooks lush, spacious gardens. Heritage buffs and city historians were dismayed when the developer demolished it and build a luxury residential tower. 

Similarly, dozens of old, colonial-style bungalows were razed to make way for towers. Properties on Nepean Sea Road that were more than a century old have been demolished after they were bought over by private developers. 
Nepean House, which was once located behind Nepean Terrace, went under the hammer years ago and the FSI from this plot was used to build the Ashiana apartment block. Kshitij, a skyscraper on Napean Sea Road, came up a few decades ago on a bungalow property owned by Cowasjee Jehangir. Similarly , the Maharaja of Baroda's palace gave way to the residential building Jal Darshan. 

In the 1930s and 1940s, Carmichael Road saw a plethora of stately homes dotting its lush hill slopes. Old-timers recalled that many of these houses were built for about Rs 1 lakh to Rs 1.5 lakh. Among the oldest is the sprawling municipal commissioner's bungalow, which came up in the 1920s, and the official residence of the Port Trust chairman , built in 1918. 

The plot on which Mumbai's first skyscraper, Usha Kiran, came up, once housed a princely-looking bungalow belonging to a Marwari family, called the Khandelwals. Among the other properties that were rebuilt, modified or expanded in the past were the Dahanukar bungalow, the Birla family house and Ghia Mansion.

Source : http://timesofindia.indiatimes.com
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Industrialist buys heritage south Mumbai bungalow for Rs 180cr

Glamis Villa, a bungalow on Bhulabhai Desai Road off Breach Candy in south Mumbai, was sold for Rs 180 crore on Thursday to an industrialist family. 

The owner of the over 1,000-sq-m land, the Fazalbhoy family, put it up for sale barely two months ago. It was acquired by M P Aggarwal, chairman of Sajjan India Ltd, on Thursday through a local property broker, it is learned. The Rs 180 crore sum includes a Rs 30 crore payment to a tenant to vacate the premises. 

The land, part of the larger Westfield Estate , belonged to Hari Singh, the Maharaja of Jammu and Kashmir, till the late 1930s. On it stands today a ground-plus-two-storey bungalow with a carpet area of around 11,000 sq ft and three garages. Sources said the new owner, who currently lives on Carmichael Road, does not plan to redevelop his new acquisition and will probably stay in it. 

Big deals 

Glamis Villa stands on 1,000 sqm land with 11K sq ft carpet area Industrialist Sajjan Jindalbought a Nepean Sea Road bungalow for 400cr Kapadia Bungalow at Nepean Sea Road sold to Runwal Group for 350cr Villa Nirmala at Carmichael Road bought for Rs 300cr by Ashok Piramal Group and developer Khemchang Kothari.

Source : http://timesofindia.indiatimes.com