Kumar Mangalam Birla now owns the costliest bungalow in Mumbai, buys sea-facing Jatia House for Rs 425 crore

The new owner of iconic sea-facing Jatia House in Malabar Hill area is Kumar Mangalam Birla, who bought the 30,000 sq ft bungalow for Rs 425 crore.

Birla outpaced his rivals in a day-long auction and has already paid a 10% token of the entire amount.

The Birla family presently resides at Mangalyan at Altamount Road.

Jatia House is among the most sought after residential locations in south Mumbai. The Jatias purchased the bungalow in 1972 from Meher Cawasji Vakeel.

The transaction is the most expensive in the city. Earlier, Sajjan Jindal's bought Maheshwari House in 2012 for Rs 400 crore and industrialist Adi Godrej paid Rs 372 crore for Mehrangir, the iconic bungalow of Homi Jehangir, father of India's atomic energy programme.

(Image: Indiatimes)