Mumbai: A Parsi Trust has sold Prime Bungalow property, facing the sea in Bandra Bandstand to the developer for RS 350 Crore.
At the end of October, the Imperial Infra, a RustomJee group company led by Boman Irani, concluded sales agreements with Bandra Parsi Convalescent Home Trust for plots of 1 hectare near Taj Hand’s End Hotel, Report Nauzer K Bharucha.
Trust has received Rs 234 Crore from sales with part of the results that occur in the suburb collector as a collector fee.
Trust will regain a built-up area of 12,000 sqft free when the builder arouses land.
Rustomjee is reportedly planning a luxury housing tower there.
Realty’s agreement made PARSI Trust Richer than BPP in an emergency for the properties of the Bandra Parsi Convalescent Home Trust registered a few days ago and around RS 17 Crore paid as stamp duty.
Trust has invited offers in 2019, but it took two years to finally conclude the agreement because of the covid-induced lock.
There are only three bidders, including being disqualified.
Both of them remain in the race are RustomJee and Runwal Developers, whose offers are only more than Rs 100 Crore.
The land deal makes Bandra Parsi Trust now richer than Bombay Parsi Punch (BPP) in the case of Corpus.
Although the BPP controls land and buildings worth of thousands of crores, the corpus is only around Rs 117 Crore.
The plot currently contains the early 20th century bungalow, which was used as a recovery of homes for poor women and children from the Parsi community.
Close about 15 years ago because of a bad residence.
On Saturday, the Trustee said that the annual interest obtained from money would be used to expand Trust’s charity work for the Iranian Parsi community.
Trust currently provides medical assistance and funds for education and repair of poverty.
The decision to sell the main property also because high rent charged by collectors, which increases from Rs 4,600 per year to RS 16 Lakh.
The trust found it “not affordable”.
Property Market Sources say the entire wipers of the bandra will be open for construction and rebuilding with the Norma zone of strict coastal regulations (CRZ) that have recently diluted.
“The builder will now get more floor space indexes (FSI) to develop plots near the coastline,” they said.
CRZ rules previously allowed limited construction of up to 500 meters from high treasures.
The bandra recovery house for Parsis began in 1903 by Social Worker Shirinbai Mancheri Cama.
After a widow at a very young age, CAMA dedicated the rest of his life to public services and the true community service for his motto: ‘to serve someone to serve God’.
“He worked hard at night and day for it and considered everything at home as his children.
He devoted his attention like a mother for their care, happiness, and medical care.
Sir Dorab Tata donated Rs 50,000, from where he bought the Bungalow Jalbhai sett on Bandra, “said The Parsi Historian Marzban Giara.
Bai Avabai Faramji Petit, too, has contributed Rs 1,500 to buy furniture for home.
“The main purpose of this house is to restore the health of poor and weak women who wish to defend their families rather than depend on others, but because bad physical can’t do it.
The aim is to empower them so they can live a diligent and useful life,” Giara said.
In 1932, Shirinbai began another recovery home for Malang men and boys in bandstand in a bungalow called the sea breeze.
This house is still functional.
Trust sells bandra property facing sea for RS 350CR
