A sea front property is reportedly being torn down to make way for a multi-storeyed residential building in a deal reported to be around Rs 200-250 crore
Another bungalow is ready to bite the dust in the city. The recent trend of knocking down old bungalows and replacing them with towers has seen another casualty.
Shandilya Villa, located on Khan Abdul Gaffar Khan Road, better known as Worli Sea Face, will be pulled down to make way for a high-end residential tower.
Sea Change: Shandilya Villa located on Worli Sea Face has reportedly
been bought by known architect Noshir Talati. pic/sameer markande
The bungalow that is a two storeyed structure is nestled next to Sports Field building that houses cricket legends Sunil Gavaskar, Ravi Shastri and Dilip Vengsarkar to name a few.
While sources from the real estate industry claim that the deal is a big-ticket deal and has been very hush hush, speculations about the sale price of the bungalow is rife. The bungalow measures 1,742.49 square metres, and also has an outhouse area of 1,424.46 square metres (built-up area). "This bungalow should have fetched the owner not less than Rs 200-250 crore owing to its proximity to the sea. It's one of the prime properties in the area. Moreover, its location close to the Bandra-Worli Sea Link is an added bonus," said a broker.
A public notice regarding the same was issued on September 22, in leading newspapers of the city. According to a source in the real estate industry, Noshir Talati, the chairman of Talati and Panthaky associates, a renowned architectural firm, is redeveloping the bungalow. However, Talati wasn't available for comment. An employee from his office said, "I wouldn't want to say yes or no. Such details are not discussed."
Two security guards posted at the site revealed that they were posted on behalf of Talati. According to the guards, the worn out bungalow still houses a family and they are expected to vacate the premises after Diwali. Meanwhile, another broker said, "According to hearsay, this bungalow would be demolished and a multi-storeyed luxury building would be constructed on the same place."
Being close to the sea, the bungalow comes under CRZ 1 and has an FSI of 1.33. The bungalow is considered to be several decades old and was owned by Shandilya family.
According to a source, the family moved out a few months ago and the construction should commence in the coming few months.
A few sources claim that the Shandilya family hasn't let go of all its privileges and will have a penthouse in the new tower.
In August, Sajjan Jindal sold his bungalow Morena House for Rs 300 crore.
Another bungalow named Nirmala Villa was sold for the same amount.
A bungalow on Napean Sea Road was purchased for Rs 270 crore.