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Bollywood fans and high net worth individuals (HNI), a unique opportunity has arisen to own a property right next to Amitabh Bachchan's iconic residence, Jalsa, in Mumbai's posh Juhu area. Deutsche Bank is auctioning off a bungalow with a starting price of INR 25 crore (approximately USD 3 million).
The bungalow offers a mix of indoor and outdoor space, totaling over 3,000 square feet. The carpet area itself is 1,164 square feet, with an additional open space of 2,175 square feet. This could be an attractive option for those seeking a spacious property in this exclusive location.
The bungalow is being auctioned under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) of 2002. The previous owner, Seven Star Satellite Pvt Ltd, and co-borrowers defaulted on a loan of INR 12.89 crore to Deutsche Bank. As they were unable to repay the dues, the bank seized the property and is now putting it up for auction.
According to Hecta, a marketing platform for repossessed properties, they have received over 15 inquiries about the bungalow. These inquiries primarily come from HNIs, particularly directors of small and medium-sized enterprises (MSMEs). The starting price and Juhu's prime location are likely to attract this segment of buyers.
While owning a property next to a celebrity might be appealing, there are crucial factors to consider before participating in the auction. Banks typically sell properties through auctions "as is where is," meaning the buyer assumes any existing legal issues or hidden problems. It's essential to thoroughly research the property's legal status and any potential encumbrances. Additionally, interested buyers must submit an Earnest Money Deposit (EMD) of INR 2.50 crore to participate in the auction.
The auction is scheduled for March 27, 2024. While this could be a good deal compared to similar properties in the area, careful due diligence is essential before placing a bid.
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