A luxurious eight-storey bungalow in Mumbai’s Juhu Vile Parle (JVPD) scheme is set to be auctioned on June 20th. This has created a buzz among high net-worth individuals (HNIs). Located in Nutan Laxmi Cooperative Society, just a kilometre from Juhu Beach, the property boasts a spacious 7,200 sq ft. It features one expansive 4BHK apartment on each floor, culminating in a luxurious duplex penthouse.
Bungalow In JVPD Scheme Up For Auction
The Union Bank of India has set a reserve price of ₹104.11 crore for the property after borrower Indus Projects Ltd. defaulted on loan repayments. The online auction will be held between 12 noon and 5 pm on June 20.
Market experts are abuzz with interest, particularly due to the property’s prime location. As per reports by Moneycontrol, Ravi Kewalramani, a realtor with RK Mumbai Realtors, highlighted the JVPD scheme’s reputation for attracting celebrity residents like actors Sara Ali Khan and Arjun Kapoor and goes on to explain the area’s varied pricing trends.
He mentioned that older buildings typically sell for approximately ₹45,000 per square foot, whereas newer luxury apartments can command prices of up to ₹75,000 per square foot. Kewalramani also noted that plots with clear titles can reach prices exceeding ₹9.5 lakh per square metre or ₹8 lakh per square yard.
High-Value Properties
Hecta, a company specialising in marketing repossessed properties, reports receiving enquiries from over 15 HNIs interested in the upcoming auction. As per reports by Moneycontrol, Sridhar Samudrala, founder of Hecta, explained that they frequently receive enquiries. Certain buyers request more time for payment and others express concerns about the visibility of their purchases. He highlighted that auctions of high-value properties often result in single bids from investors or traders.
Samudrala highlighted the potential upside for the winning bidder. Banks typically set a reserve price at 30% below the property’s market value, suggesting this property could be worth ₹130-140 crore. Additionally, if the auction requires a re-run, the bank may offer a further 10% discount. This could represent a significant opportunity compared to recent sales in the area.
With its prime location, spacious design, and potential for a savvy purchase, this upcoming auction promises to be a closely watched event in Mumbai’s luxury property market.
Cover Image Courtesy: Canva (Representative Image)
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