Kumar Mangalam Birla Buys Jatia House in Malabar Hills,Mumbai for Rs. 425 cr Monday SEp 07,2015

 

The iconic Jatia House in Malabar Hill, which was on the block for quite some time, has not only finally been sold, it has set a new record in the process.

The new owner of the bungalow is Kumar Mangalam Birla of the Aditya Birla Group, who bid Rs. 425 crore for the property - which has a 25,000 sq ft built-up area - during an auction on Monday SEp 07,2015, making it the most expensive bungalow deal in the country.

The property was owned by Y Jatia, who had bought if from M C Vakeel in the 70s. Currently, brothers Arun and Shyam Jatia occupy the bungalow, and the family runs the Pudumjee Industries, which is into paper-related business

The bungalow has reportedly been bought for the personal use of Birla, who currently resides in a bungalow on Altamount Road, which is hardly a 10-minute drive from his new purchase

Note

The last one was Maheshwari House in the same area, which went for Rs. 400 crore in 2011. Mehrangir, the house of Homi Bhabha, which is barely a few feet from Jatia House, was sold for Rs. 372 crore in 2014.