• Login
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion
No Result
View All Result
Times of Pakistan
No Result
View All Result
Home Pakistan

60-yr-old south Mumbai bungalow sold for Rs 300cr

ToP by ToP
September 22, 2010
in Pakistan
0
0
SHARES
27
VIEWS
Share on FacebookShare on Twitter

An old bungalow property in the exclusive residential enclave of Carmichael Road in south Mumbai is believed to have been sold for around Rs 300 crore.

Villa Nirmala, an over six-decade-old property, has been jointly purchased by Peninsula Land, which is part of the Ashok Piramal Group, and developer Khemchand Kothari. Interestingly, a member of the Kothari family was recently involved in a hit-and-run accident at Marine Drive.

Sources said the transaction involved a payment of Rs 240 crore plus 15,000 sq ft of space for the occupants of the bungalow once it was redeveloped. The bungalow, which has a garden at the back and occupies about half-an-acre, may give way for a skyscraper in the otherwise low-rise Carmichael Road, a declared heritage precinct. The only high-rise on this road is the 24-storey Usha Kiran which came up in the mid-1960s. Buildings in the area command prices ranging between Rs 40,000 a sq ft and Rs 90,000 a sq ft.

However, sources close to the Villa Nirmala deal said it was too early for the developers to divulge details about the project. ”We are working on it,” they said. The ground-plus-two-storey bungalow once belonged to Maharaj Kumar Khanderao Shivajirao Gaekwar and subsequently came into the possession of two families, the Wagles and Lalvanis.

Local residents told TOI that most buildings on Carmichael Road had a covenant which restricted their height and did not allow them to go beyond a certain height in case they were to be redeveloped. But, in case if the building is a cessed structure (which has tenants and constructed prior to 1940), the restrictive heritage rules do not apply and the property gets an enhanced floor space index (FSI). The developers of Villa Nirmala claim that it is not a cessed property.

In the 1930s and 1940s, Carmichael Road saw a plethora of stately homesdotting the lush hillslopes. Old-timers recalled that many of these houses were built for about Rs 1 lakh to Rs 1.5 lakh. Among the oldest is the sprawling municipal commissioner’s bungalow which came up in the 1920s. – timesofindia

Previous Post

Google releases censorship tools

Next Post

Naomi: ‘I Was Scapegoat In Diamond Trial’

ToP

ToP

Related Posts

Petrol
Pakistan

Govt’s Subsidy Plan Raises Red Flags

by Jameel Ahmad
March 21, 2023
Imran Khan
Pakistan

Imran Khan Dials Down Anger, says ready to Mend Fences

by Jameel Ahmad
March 21, 2023
Standoff at Imran Zaman Park residence enters second day as skirmishes resume
Pakistan

Standoff at Imran Zaman Park residence enters second day as skirmishes resume

by Jameel Ahmad
March 15, 2023
Zahir Jaffer
Pakistan

Zahir Jaffer gets double death sentence in Noor Mukadam murder case

by Jameel Ahmad
March 14, 2023
Toshakhana Gifts
Pakistan

Govt makes 21-year record of Toshakhana Public

by Jameel Ahmad
March 14, 2023
Election Commission of Pakistan
Pakistan

PTI Delegation visited the Election Commission of Pakistan

by ToP
March 9, 2023
Andre Emilio Mens Suiting
Pakistan

Get a Made to Measure Suit in 4 Days through André Emilio!

by ToP
March 7, 2023
Next Post

Naomi: 'I Was Scapegoat In Diamond Trial'

Popular Stories

  • Suffering Scientific Age

    The Suffering Soul in the Scientific Age

    0 shares
    Share 0 Tweet 0
  • 9 Exotic Cat Breeds You May Have Never Seen Before

    0 shares
    Share 0 Tweet 0
  • WhatsApp to launch new messaging feature soon

    0 shares
    Share 0 Tweet 0
  • PDM sans PPP holds first power show in Karachi

    0 shares
    Share 0 Tweet 0
  • Zahir Jaffer gets double death sentence in Noor Mukadam murder case

    0 shares
    Share 0 Tweet 0
Times of Pakistan

About Times Of Pakistan

kralbetbetturkeyikimislibahis1xbetm.infohipas.infohttps://www.wiibet.com/restbetcdn.com

Other Categories

  • Beautiful Pakistan
  • Fashion News
  • Funny News
  • Viral Videos
  • Weird News

Recent Posts

  • Govt’s Subsidy Plan Raises Red Flags
  • Imran Khan Dials Down Anger, says ready to Mend Fences
  • Standoff at Imran Zaman Park residence enters second day as skirmishes resume

Times Of Pakistan © 2021. Design & Developed by E2E Solution Providers.

No Result
View All Result
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In