Amitabh Bachchan’s Mumbai home, Jalsa, is one of the most popular residential properties in Mumbai. It has also turned into a tourist spot for thousands of fans who gather every day to meet the actor. However, living right next to the Bollywood superstar can be a golden opportunity for anyone. A similar opportunity is here, as the Deutsche Bank has put up a bungalow neighboring Amitabh Bachchan’s Jalsa for auction. Said to be located near Juhu Beach in Mumbai, the to-be-auctioned bungalow has been put under auction with a reserve price of Rs 25 crore.
According to a public notice issued by the bank, the bungalow is being auctioned under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) of 2002, following a failure to repay a mortgage loan against the bungalow. It further states that a demand notice was sent in April 2022, calling upon the borrowers and co-borrowers of Seven Star Satellite Pvt. Ltd., along with others, to repay the outstanding due of Rs 12.89 crore within the next 60 days. However, after the parties failed to repay the outstanding balance, the bank took possession of the property mortgaged with it.
It is pertinent to note that as per the norms of real estate, in cases where borrowers are unsuccessful in repaying the outstanding amount, banks are entitled to sell the properties at a discounted price. This allows prospective buyers to get a good deal while purchasing the property.
Luxury Bungalow Auction Details
The auction is scheduled to take place on 27 March with a reserve price of Rs 25 crore and an EMD (Earnest Money Deposit) amount of Rs 2.50 crore.
Speaking of the bungalow, it has a carpet area of 1,164 square feet along with an open space of 2,175 square feet.
The upcoming auction comes days after a few other major property deals in Mumbai’s real estate market. In February, Girdhari Lal Bawri, the Managing Director of Macleods Pharmaceuticals, acquired a 3,600-square-foot bungalow in Mumbai’s Vile Parle area for a whopping price of Rs 101 crore. On the other hand, actor John Abraham also made a recent purchase of a 5,416-square-foot bungalow in the Khar area for Rs 70.83 crore, according to a Home India Magazine report.
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