A bungalow in Cuffe Parade, one of the few remaining such structures in South Mumbai, will be auctioned on October 9. The reserve price for the 12,100 sqft property has been kept at Rs 121 crore.
The two-storey residential structure with open land spaces on all four sides will be put on the block by Indiabulls Housing Finance Ltd. It had been mortgaged by Phulchand Exports Pvt Ltd which owes the lender Rs 104 crore.
According to a public notice issued by lender Indiabulls, the bungalow is situated at plot near Mittal Grandeur, at the junction of Khatau Road, in Cuffe Parade area. As per the terms of the auction, bidders will have to deposit Rs 12.10 crore as the earnest deposit.
Pramod Vyas, a senior property consultant from South Mumbai, said, "The buyer will be mostly someone who would see a development potential in this property. Also the actual value of the property would be known only when the development potential of the building comes to the fore. Seeing the market situation it is difficult that any individual will spend so much money."
The history of the bungalow and the background of its owner could not be immediately ascertained. A mail sent to Indiabulls got us no response.