While India is facing economic slowdown, a bungalow in Mumbai's Bandra area has attracted big buyers.
According to Economic Times, an early 20th century property located in Mumbai’s Bandra has attracted big buyers like local developers, Bollywood celebrities and a few industrialists. The bungalow was built in 1905, for which bids were to open on Thursday but were postponed earlier this week. While no reserve price has been set, the property is expected to fetch at least Rs 300 crore, people aware of the matter told the leading daily.
The sea-facing property is controlled by the Bandra Parsi Convalescent Home Trust. The property is located next to the Taj Lands End hotel. The property is spread over an acre at Bandra Bandstand. The property has development potential of over 100,000 square feet, reported Economic Times.
To have a home in the financial capital of India is a dream come true for any buyer. But after recent price rise in Mumbai's real estate, it is second in the ranking, with nearly 38,060 units stalled across the region. However, MMR's stalled units are spread across 89 projects as against 67 projects in NCR. In terms of value of the stalled units, MMR is close to NCR, with stalled units worth over Rs 80,200 crore.
