RBI puts 3 Lonavala bungalows on sale, opening celebrity neighbourhood doors for Mumbaikars
The Reserve Bank of India has put three bungalows in Lonavala up for sale. Once holiday homes for RBI staff, the properties, spanning over 3,800 square metres near Lonavala Lake, will be sold on an 'as is, where is' basis.
Mumbai: The Reserve Bank of India (RBI) has invited bids for three bungalows in Lonavala, a picturesque hill station near Mumbai, famed for its scenic views and celebrity residences. Formerly used as holiday homes for RBI staff, the properties are set on a sprawling plot of over 3,800 square metres close to Lonavala Lake.
The sale forms part of the central bank’s wider initiative to liquidate its real estate holdings. The properties will be sold on an "as is, where is” basis, with a reserve price of Rs 6.55 crore. Prospective buyers must submit an earnest money deposit of Rs 10 lakh to participate in the bidding process.
The term "as is, where is”, often seen in property or asset sales, indicates that the buyer agrees to purchase the item exactly in its present state, including any defects or flaws, whether apparent or hidden. The seller provides no assurances regarding its condition, quality, or suitability, leaving the buyer responsible for any repairs or problems that may arise.
Property inspections to be completed before September 8
Inspections of the bungalows must be completed by September 8, with the deadline for bid submissions set for September 9. The RBI has appointed property consultancy Cushman and Wakefield India to manage the sale through sealed offer bidding, and buyers will be responsible for any outstanding local taxes.
Lonavala, located approximately 100 km from Mumbai and 60 km from Pune, is a popular destination for second homes, including villas, farmhouses, and bungalows. Most buyers come from Mumbai, Pune, Gujarat, and overseas, particularly Non-Resident Indians. Local estate agents say villa prices often exceed Rs 15,000 per square foot, with 3-4 BHK properties frequently priced between Rs 2 crore and Rs 3 crore. The area also has a strong rental market, offering gross yields of 10–15 lper cent.
Preferred vacation spot for multiple Bollywood celebrities
The region is also a preferred retreat for Bollywood celebrities. Actor Dharmendra owns a 100-acre farmhouse near Pawna Lake, about 20 km from Lonavala, while Salman Khan has a farm residence in Panvel, 50 km away. Meanwhile, actor Sunil Shetty maintains a second home in Khandala, around 4 km from Lonavala.