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Mumbai's Parsi Trust Sells Sea-Facing Bandra Property for a Whopping Rs 350 Crore

News18 logo News18 14-11-2021 News Desk
Mumbai's Parsi Trust Sells Sea-Facing Bandra Property for a Whopping Rs 350 Crore © Provided by News18 Mumbai's Parsi Trust Sells Sea-Facing Bandra Property for a Whopping Rs 350 Crore

Bandra Parsi Convalescent Home Trust, a Mumbai based Parsi trust, recently sold a sea-facing bungalow near Taj Land’s End Mumbai for the whopping price of Rs 350 crore to a developer. According to a Times of India report, Imperial Infra, a Boman Irani led Rustomjee group firm handled and concluded the sale agreement of the property.   The plot covers an area of 1-acre, and the trust has received Rs 234 of the total sum of the money earned by selling the property, while a part of the balance money has gone to the suburban collector, as colletor’s fee. TOI claims that the trust will gain back 12,000 square free of the area after the developer develops the area. A luxury residential tower is reportedly going to be constructed on that land.

The trust had invited bids on the property in 2019 but it took two years to complete the process because of the many lockdowns induced by Covid-19 in the past years. The plot currently houses an old bungalow that was used as a convalescence home for poor children and women of the Parsi community started in 1903 by social worker Shirinbai Mancherji Cama. The trustees calimed that the annual interest earned on the sale of the prime property will be used for charitable work by the trust.       

The decision to sell the prime property was taken when the ground rent of the property changed from Rs 4600 a year to Rs 16 lakhs, which the trustees could not afford.

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