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A suburban developer has paid a record price of Rs 350 crore for a Nepean Sea bungalow property. Runwal Group, which has projects largely in the eastern suburbs, bought Nepean Grange , the two-storey bungalow constructed in 1918, from the Kapadia family. The transaction was finally concluded a few days ago after months of negotiations, TOI has learnt. Property sources said this could probably be the highest price paid for a bungalow in the city. The 2,048 sq m land also has an outhouse, servants' quarters and a car park.
The half-acre property, which falls under the coastal regulation zone II, was on the block for two years and the developer had to deal with nine joint owners of the Kapadia family. The owners settled the deal for Rs 270 crore. However, the bungalow also housed a tenant, the Lilani family, who demanded Rs 80 crore from Runwals to vacate the property.
The new owners of Nepean Grange will compensate the tenant who currently occupies about 4,800 sq ft of the 28,000 sq ft bungalow. The bungalow is located close to the Kilachand House, which too is on the block. Also you can find out more details about 2bhk apartments.
The half-acre property, which falls under the coastal regulation zone II, was on the block for two years and the developer had to deal with nine joint owners of the Kapadia family. The owners settled the deal for Rs 270 crore. However, the bungalow also housed a tenant, the Lilani family, who demanded Rs 80 crore from Runwals to vacate the property.
The new owners of Nepean Grange will compensate the tenant who currently occupies about 4,800 sq ft of the 28,000 sq ft bungalow. The bungalow is located close to the Kilachand House, which too is on the block. Also you can find out more details about 2bhk apartments.
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