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Munshi’s Family Property spread over 5,700 sq ft plot estimated Rs 100 crore

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The plot has a development potential of about 18,000 sq ft to 22,000 sq ft depending on the proposed usage, said property brokers operating in South Mumbai.

A four-storey bungalow in South Mumbai’s plush Altamount Road has been put on the block by its owner, the Munshi family. The property, spread over nearly 5,700 sq ft plot, is estimated to fetch about Rs 95-100 crore, said property market experts.

The ground plus four-storey structure was leased to the Consulate General of the Republic of South Africa for nearly 15 years before this and has a carpet area of a total of 15,000 sq ft. The family owns the property since 1960 and has now decided to sell it.

The plot has a development potential of about 18,000 sq ft to 22,000 sq ft depending on the proposed usage, said property brokers operating in South Mumbai.

However, the deal is likely to be clinched by end-users, high net worth individuals (HNIs) or family offices rather than any realty developer given the current property business scenario. Transaction advisor JLL India declined to comment on the story till press-time.

Several bungalows in south Mumbai’s toniest localities of Carmichael Road, Altamount Road, Nepean Sea Road, and Malabar Hill have made way to luxury skyscrapers. Several industrialists and India’s uber-rich have also been buying bungalows for their personal use in this billionaires’ district. However, not many such properties have been put on the block over the past two years given the sluggish property market.

In 2015, industrialist Kumar Mangalam Birla emerged as the highest bidder for the sea-facing, 30,000-sq-ft, Jatia House in Malabar Hill. The Aditya Birla Group chairman paid Rs 425 crore for the property, making it the most expensive bungalow deal ever in India then, surpassing the Rs 400-crore, Maheshwari House transaction of 2012.

Soon after, 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 had acquired Mehrangir, the Malabar Hill house of Homi Bhabha, father of India’s nuclear program, for Rs 372 crore.

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