Mumbai: The 87-year-old Victoria Bungalow located behind Mehboob Studio in upscale Bandra is set to undergo self-redevelopment, making it one of the first such projects in the area.
About The Property
The property, leased by Sebastian Homes Housing Society and led by the Roman Catholic community, is occupied by the Vivian Pereira family, who plan to transform the bungalow into a modern high-rise. There are around 110 such plots leased to the Roman Catholic community for 999 years. According to project management consultant Akbar Jiwani, self-redevelopment offers major advantages.
“Homeowners can design the project as per their needs, costs remain transparent, and unlike builder-led redevelopments, funding and rent compensation are secured from the start,” he explained.
The project, valued at about Rs 50,000 per sq ft in Bandra, will be financed through either Maharashtra State Cooperative Bank or Mumbai Bank, covering both construction and rent for residents. The self-redevelopment model also allows homeowners to save 5% GST on the rehabilitation portion, making it more cost-effective.
A formal letter of intent has been sent to the lessee society, and the proposal will be submitted to the BMC for approval. As per conditions, flats can only be sold to members of the Roman Catholic community, and the family has already received strong interest from prospective buyers.
