In south Mumbai, for instance, sprawling colonial-style bungalows and mansions, which were the last remnants of a grander, more genteel bygone era, have vanished over the past two decades. The Bandra-Khar belt is another enclave where old bungalows and charming cottages have been demolished to give way for high rises.
Builders have swooped down upon them these prime plots, eager to convert them into pyramids of wealth. Unfortunately, most of these bungalows are not on the heritage list, which would have prevented them from being demolished.
Real estate sources say all bungalow owners have received feelers from one developer or the other in the last few years. Earlier, no one was interested in these estates. However, after the state government liberalised the use of floor space index (FSI) for old, cessed buildings, builders have realised the tremendous development potential of these properties.
Around the world, local governments give various tax incentives to the owners of such heritage properties in order to encourage them to preserve their estates. Here, the authorities are encouraging builders to pull down bungalows.
But as TOI reported recently, living in a bungalow has become the ultimate status symbol for the city's uber rich, who are not swayed by penthouses and sky villas with 360-degree views. It offers them privacy, security and ample parking. But all this comes at a cost. A bungalow could fetch the seller anywhere from Rs 80 crore to Rs 200 crore, depending on its location.
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