Banks put SoBo bldg up for sale for Rs 300 crore

Bishops Gate building in Breach Candy owned by Standard Chartered Bank and HSBC Ltd is reportedly on the market
Who would not like to have a permanent address in South Mumbai? And when the property in question is a building in one of South Mumbai's most up market destinations, it is bound to catch quite a few eyes.

A five-storeyed residential building in Breach Candy owned by Standard Chartered Bank and HSBC Ltd is reportedly on the market.

The Bishops Gate building has about 20 flats and is sprawled
 over 2,000 sq m

The building called Bishops Gate is located opposite the Breach Candy Club.

"The process for the sale of the building is on," said an official from HSBC. However, he refused to divulge any further details.

Another official from Standard Chartered chose not to comment on it.

Public notice
Market sources said the building was up for sale and a public notice had been issued in this regard.

"There are nearly 20 flats in the building, and it measures nearly 2,000 sq m. The money being asked is between Rs 250-300 crore," said a broker from South Mumbai.

This is one of the oldest buildings in the area and has been home to many bankers. A real estate broker said the building was used to house the executive officers of both the banks.

The building is nearly four to five decades old. There were talks that many builders and even a famous garment industrialist wanted to invest in the property.

A real estate agent from South Mumbai said the lure of big money in real estate, especially in South Mumbai, was driving corporate houses to put up their properties for sale.

"The valuation of real estate is very high in this side of the market. Several corporates have been trying to sell off their old bungalows and even buildings in the last few years in the market," said the realtor.

Costly Estate
In August, Sajjan Jindal sold his bungalow Morena House for Rs 300 crore.
Another bungalow named Nirmala Villa was sold for the same amount too
A bungalow on Napean Sea Road was purchased for Rs 270 crore

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