Kumar Mangalam Birla, chairman of Aditiya Birla Group has quoted Rs.425 crore, for the purchase of historic Jatia House at Malabar Hill in Mumbai yesterday. Successful purchase has listed itself as a costliest house in country. The house No.38 at Malabar hill location is a sea facing property, which was constructed in the year 1950.
However, this property deal is into its legal phase, where paper of the property would be reviewed on ground of grounds of authenticity. The house is said to be purchased for the personal use of Kumar Mangalam Birla. He presently resides at Altamount Road.
Jatia House is on a built-up area of 30 thousand sq feet, is a two storied bungalow in one of the porches locality of Mumbai. The house is also rarest as there just a hand full of independent constructions left, that too on such a huge area.
Reports suggested that Jatias were looking to sale the property from quite a long time, as most of the family members have shifted to other parts of the world. Those stayed back in the house were finding it difficult to maintain.
Other houses in the locality which have been recently are Maheshwari House sold in 2011 and Homi Baba Bungalow-one which is next to Jatia House was sold for Rs.372 Cr in 2014.
Jatia family has its roots in Bissau in Jhunjunu district of Rajasthan, in present having business includes paper, textiles, real estate, restaurants and chemicals. Back in 1950, were based in Burma with well-known bases in Japan and Hong Kong. During 1960 one part of family shifted to Mumbai and commenced textile trading and chemicals.
After almost a decade in 1970 Jatias took over Pudumjee Pulp & Paper Mills, they then acquired Hardcastle – a board manufacturing company, Modern Mill – a textile mill in Mumbai, Associated Stone Industries and so on. The steady growth of Jatia Family has transformed them into a diversified multinational, from a solid low profile family.