A bungalow in south Mumbai

After the Jamshyd Godrej family reportedly acquired Homi Bhabha's bungalow, buyers are on the lookout for more such houses. The thrill lies in the absolute rarity of such properties

In Mumbai, the ultimate ego boosts are made of brick and mortar. Gated communities and luxury apartments are one thing but as far as status symbols go, nothing quite compares with an independent bungalow in the toniest city neighbourhood. Apart from the grandeur and exclusivity, the big thrill lies in the absolute rarity of such properties in South Mumbai. “It is probably easier to look for a needle in a haystack,” laughs Gulam Zia, executive director (advisory, retail and hospitality) at realty consultants Knight Frank India.

Such is the cachet of these bungalows that the National Centre for Performing Arts (NCPA) easily got a bid of Rs 372 crore when it recently auctioned Mehrangir, the historic Malabar Hill home of brothers Homi Bhabha and Jamshed Bhabha. With the exception of some peeling yellow paint and a couple of chipped portions on the ledge, the bungalow has been painstakingly maintained. The buyer — not officially named but widely believed to be the Godrej family — will get to enjoy its bright and airy verandahs, 17 rooms, a study area and a private library beneath gloriously high ceilings. The ground level also has full-length arch-shaped windows bearing neat white frames. These are all spread over a handsome 17,500 square feet.

The sea-facing, three-storeyed bungalow is said to have been home to nuclear scientist Homi Bhabha until his death in 1966. His younger brother, who founded NCPA, was custodian of the estate until his death in 2007 and he bequeathed Mehrangir to NCPA. One version holds that while the elder Bhabha spent only a few years at the estate, Jamshed lived there all his life. Some reports suggest the buyer does not plan to redevelop the bungalow and will be living there. Pheroza Godrej and Smita-Crishna Godrej declined to comment.

In the last decade-and-a-half, Knight Frank’s Zia recollects only eight or nine such sales taking place, roughly one sale every two years. “In some of these properties, you can pretty much open the window and dive into the sea,” says Shri Hari, founder of RealEstateDealStreet.com. One such picturesque bungalow is Maheshwari House on Nepean Sea Road, flanked by gracefully swaying coconut trees, which was bought by Sajjan Jindal two years ago for Rs 500 crore. Another is Glamis Villa — which finds mention in Salman Rushdie’s memoirs Joseph Anton — resting on 1,000 square metres of land once owned by Hari Singh, the maharaja of Jammu & Kashmir. The 11,000-square feet bungalow has 10 bedrooms and three living rooms, kitchens and garages. Businessman M P Aggarwal, who bought it last November, is said to be retaining the structure for his own use.

Such bungalows are typically picked up by top industrialists, who turn them into residence. These are businessmen who have lived in Mumbai all their lives and buy a bungalow after they have truly arrived, notes Shri Hari. Malabar Hill is home to people like the Ruias, Yash Birla and Adi Godrej, while Altamount Road is the private address of choice for Mukesh Ambani and Kumar Mangalam Birla. At times, bungalows are bought by developers, who demolish them to erect boring, soaring structures. Nepean Grange and Villa Nirmala were bought at high prices by buyers with the idea of demolishing them to build skyscrapers.

Yash Birla's house

  Some sellers prefer not to heavily publicise the property, points out Zia, because it could reflect their need for cash. Things are kept low-profile, also because it involves the risk of inviting income tax enquiries or, in some cases, threatening calls, says Om Ahuja, CEO of residential services at Jones Lang LaSalle India. The lackeys of the uber-rich watch posh neighbourhoods like hawks for hot property going on the block. Even in Bandra and Juhu, which have been gaining ground when it comes to ridiculous prices, the options are woefully limited, adds Ahuja. Most quaint bungalows were bought and redeveloped and the few that remain are in disrepair or stuck in legal tussles. Sachin Tendulkar famously spent a decade looking for his dream home, a bungalow on Perry Cross Road which he found and purchased in 2011.

While Mehrangir does not have heritage status yet, some others like Yash Birla’s bungalow are listed as such. The industrialist learnt this the hard way when his plans to construct a 44-storey building in place of the existing bungalow were thwarted by the heritage panel. Depending on the grade awarded by the heritage committee, structures cannot be knocked down or remodelled. There are FSI limitations on such properties as well. Joint ownership means sometimes a member may not be ready to share costs of refurbishing. But for the buyers, having to shell out a few more crores for restoration is hardly a deal-breaker.

As is the case with most of Mumbai’s real estate, bungalows too command ridiculous prices. However, experts shy from indicating a rough range. It is left purely to the buyer’s perception. Zia offers an estimate of Rs 300-400 crore an acre in South Mumbai. Demand far outstrips supply. However, even if the process involves spending hundreds of crores and is as cumbersome as needle-hunting, the superclass does not seem to mind the prick.