Homi Bhabha’s Mumbai bungalow goes under the hammer on Wednesday1 min read . Updated: 17 Jun 2014, 08:59 PM IST
The base price for the heritage bungalow spread across less than half an acre is set at `257 crore
Mumbai: A sea-facing bungalow in south Mumbai’s Malabar Hill where India’s late nuclear scientist Homi J. Bhabha once lived will go under the hammer on Wednesday. The base price for the heritage bungalow spread across less than half an acre is set at ₹ 257 crore. Property consultants Jones Lang La Salle (JLL) is advising the process.
On Monday, the Bombay high court had rejected a petition filed by two Bhabha Atomic Research Centre employees to stay the auction. Bhabha had willed his residence to the National Centre for Performing Arts (NCPA), which has put the property on the block.
Bids will be submitted by Tuesday evening, followed by the auction on Wednesday morning.
NCPA had said in a public notice in March that it was looking for buyers to purchase the bungalow. “We are mostly looking at end-user buyers," said Anuj Puri, country head, JLL.
“We expect the price to go up to ₹ 300 crore, but not beyond. The property is best-suited for personal use as residence with a built-up area of around 18,000 sq. ft," said a consultant, who is advising one of high-networth individuals (HNI) who will be bidding for the property.