Property News · August 1, 2016

Secret history Mumbai bungalow touted for luxury development potential


A rare development opportunity with a side of heritage
A house with history: Nehru (right) pictured with Gandhi in 1946, was a regular visitor to the bungalow. Image credit: commons.wikimedia.org
A historic bungalow in South Mumbai which formerly functioned as a secret hideout for freedom fighters during the British occupation, and saw visits from Jawaharlal Nehru, has come on the market.
Laxmi Nivas, the legacy bungalow, has been owned by the same family for over a century, and is now drawing interest from HNWI, The Economic Times reports.
The property is notable not only due to its remarkable history, but also for its sea-view and proximity to the plush amenities of Carmichael Road, Altamount Road, Nepean Sea Road and Malabar Hill.
“Real estate assets of this stature do not come into the market often and it is already generating good interest,” said Nikhil Bhatia, MD Capital Markets at CBRE India.
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In recent years, neighboring bungalows have been snapped up by the superrich for their personal use, or even bulldozed to make way for luxury skyscrapers.
In 2015, a nearby property of similar proportions was sold for Rs 425 crore (USD 63.6million), Mumbai’s most expensive property deal to date.
Undoubtably a desirable location for development, its possible the bungalow may draw the attention of developers from Japan and China, with both countries showing great interest in India since the government revised its foreign direct investment (FDI) target, with almost all restrictions on foreign led projects removed.
Japan is reported to be planning to pour USD 2 billion in India over the next three years, while China, not to be outdone, has USD 3 billion to use in the same time frame.
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Source : property-report.com
Read more…Secret history Mumbai bungalow touted for luxury development potential

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