Mumbai: Its been reported that Aditya Birla Group chairman Kumar Mangalam Birla is buying the iconic Jatia House bungalow with 25,000 sq ft of built-up area, in Malabar Hill in Mumbai, for close to Rs 425 crore (Rs 4.25 billion). The House belongs to the Pudumjee Group. It was built in the 1920s on a 2,900- sq-ft plot. Sources in the real estate sector said the deal has been finalised and lawyers are in the process of registering the property.

Bungalows in demand amid Real estate slow down.

Amidst a steep fall in real estate prices, bungalows are in high demand. The Godrejs took over Homi Bhabha’s bungalow for Rs 372 crore (Rs 3.72 billion) last year.  Reliance Industries chairman Mukesh Ambani constructed a $1-billion house on a Peddar Road plot, Raymonds chairman Gautam Singhania is constructing a similar multi-storey building in the vicinity.The Lodhas also bought Washington House – a US government property – on Altamount Road for Rs 375 crore (Rs 3.75 billion) in 2012.  

A year later, diamond merchant Dilipkumar Lakhi took over Cadbury House for Rs 350 crore (Rs 3.5 billion).  Ajay Piramal also bought a one-acre plot in Worli Seaface from Hindustan Unilever for Rs 453 crore (Rs 4.53 billion) for personal use.  The bug to live in old bungalows also bit Indian cricket legend Sachin Tendulkar, who bought a house in Bandra for Rs 80 crore (Rs 800 million).