Industrialist and Aditya Birla Group Chairman Kumar Mangalam Birla will soon be the owner of the iconic Malabar Hill bungalow Jatia House. The deal has reportedly been struck at Rs 425 crore.
The sprawling 2,926-sq meter plot on Little Gibbs Road with a house that has a built-up area of 25,000 sq feet had been put up for sale by top real estate JLL (Jones Lang Lasalle) about three months ago. While the commercials of the deal were sealed on Friday, the parties concerned have started the legal procedures to close the deal.
The property is owned by Chem Mach Pvt Ltd, a company owned by Yashvardhan Jatia who brought it from Meher Cawasji Vakeel in the early 1970s. The house is at present occupied by family members Arun and Shyam Jatia. The family owns Pudumjee Industries with interests in paper and related sectors.
The bungalow, in one of the city’s most preffered residential localities, comes with a superb sea view.
It is also next door to Mehrangir, the landmark Bhabha House, the home of Homi J Bhabha which was sold for Rs 372 crore last year.