A historic bungalow in Mumbai, which formerly functioned as a secret hideout for freedom fighters during the Colonial rule, has been gathering interest from various parties desiring to purchase the prized asset. The bungalow which saw frequent visits from the likes of Jawaharlal Nehru and Mahatma Gandhi, is presently up for sale in the market. Laxmi Nivas, the legacy bungalow, owned by the same family for over a century is attracting a solid amount of interest from the likes of HNWI, if reports from the Economic Times are to be believed.This bungalow is not only valued for its rich heritage and significance during our freedom struggle, but also for its sea-view and proximity to the plush amenities of Carmicheal Road, Altamount Road, Nepean Sea Road and Malabar Hill. "Real estate assets of this stature do not come into the market often and it is already generating good interest,” said Nikhil Bhatia, MD Capital Markets at CBRE India.It has been a trend for the super rich occupants of the above areas to buy neighbouring bungalows for their personal use, or even to build luxury skyscrapers from them. In 2015, a property of similar proportions was sold for Rs. 425 crores, marking the success of Mumbai's most expensive property deal till date! While there are several instances of heritage properties across the city that have been knocked down to build large monuments, the question remains unanswered, whether we should allow such a monumental part of our past to be destroyed and condemned to capitalist urges, or not.Our home signifies a physical embodiment of time that passes by. There was a time when India was ablaze with an initiative purer than that offered by any religion or belief: freedom. Shall we knowingly allow for a structure symbolising our strength and resolution to be destroyed and converted into yet another luxury skyscraper?Undoubtedly though, the project is garnering a lot of attention from potential suitors, most notable of whom are of either Chinese of Japanese origins. Since the relaxation of foreign direct investment (FDI) norms in the country (thanks to Prime Minister Modi's administration), both countries have been actively exploring investment opportunities into one of the fastest growing economies of the world. Japan is reportedly planning on investing at least $2 Billion, while China (never to be undone) has pledged a war chest of over $3 Billion to be used in the same time frame.The future of Laxmi Nivas may be in the hands of the richest suitors of its skeleton, but we hope that this beloved bungalow, which served as a refuge to many during the darkest hours of the country's past, will be preserved and its glory, renewed.
Subscribe for daily News of Mumbai.
Big Happy City aims to spread happiness. Big Happy City is an active online forum where people.. Read More >>
© 2016 Big Happy City. All rights reserved