MUMBAI: Outbidding 5 rivals, Kumar Mangalam Birla, chairman of the $41-billion Aditya Birla Group, agreed to pay Rs. 425 crores for two storeyed, sea-facing Jatia House, atop Malabar Hill. This is Mumbai’s most expensive property deal. Other significant ones being Sajjan Jindal’s buy of Maheshwari House for Rs.400 crores in 2012, Adi Godrej’s purchase of “Mehrangir”, Homi Bhabha’s (Father of Atomic Energy in India) iconic bungalow, for Rs.372 crores and Ashok Piramal’s purchase of a five-storey residential building in Breach Candy for Rs.272 crores from Standard Chartered Bank and HSBC.
Jatia House was owned by the MP Jatia Group which runs Pudumjee Pulp and Paper. The Jatias purchased the bungalow in 1972 from Meher Cawasji Vakeel. The Birlas will retain the bungalow for personal use.
The deal will be concluded next one month. A number of industrialists who have been born and brought up in south Mumbai, now want to have bigger spaces as their children grow up, officials said on condition of anonymity.