This was stated by Minister of State for Culture Shripad Naik in a written reply in Rajya Sabha.
He said that the state government has been requested "to examine the feasibility of declaring the property either as a protected monument under the State Archaeology Act or as a heritage building by the Mumbai Heritage Committee, keeping in view the historicity of the building and Art Deco Style of architecture".
The three-storey bungalow, with a built-up area of over 15,000 sq ft on a plot measuring 1,593 sq m, offers a beautiful view of the sea.
After Bhabha's death in a plane crash 1966, his brother Jamshed, a patron of art and culture, became the custodian of the estate.
On Jamshed's death in 2007, the property was transferred to National Centre for Performing Arts (NCPA), an institution he had nurtured.