A Parsi Trust has sold its prime, sea-facing bungalow to a developer for Rs 350 crore.
In late October, imperial infa, a Boman irani-led Rustomjee Group firm, concluded the sale
Agreement with the Bandra parsi Convalescent Home Trust for the 1 Acre plot near Taj Land’s End Hotel, reports Nauzer K Bharucha.
The trust has received Rs 234 crore from the sale with part of proceeds going to the suburban collector as collector’s fee. The trust will get back built-up area of 12000 sqft free of cost when the builder redevelops the land. Rustomjee is reportedly planning a luxury residential tower there.
The land deal makes the Bandra Parsi trust now richer than the Bombay Parsi Punchayet (BPP) in terms of corpus. Although the BPP controls land and buildings worth thousands of crores, its corpus is just about Rs 117 cr.
The plot currently contains a delipidated early 20th century bungalow, which was once used as a convalescence home for poor women and children from the Parsi community. It shut down around 15 years ago due to poor occupancy.
On Saturday, the trustees said the annual interest earned from the money will be used to expand trust’s charity work for the Parsi Irani community. The trust currently provides medical help and funds for education and amelioration of poverty.
The decision to the sell the Land was also due to high ground rent charged by the collector. Who increased from Rs 4600 a year to 16 Lakh. The trust found it “unaffordable”.
Property market sources said the entire Bandra sea front will open up for construction and redevelopment with the stringent Coastal Regulation Zone (CRZ) norms recently diluted. “Builders will now get more floor space index (FSI) to develop plots near the coastline.” They said. The earlier CRZ rules allowed only restricted construction up to 500 meters from high tide line.
The Bandra convalescence home for Parsis was started in 1903 by social worker Shirinbai Mancherji Cama. After being widowed at a very young age, Cama dedicated rest of her life to public service and community service true to her motto; ‘To serve one’s people is to serve God’. She toiled night and day for it and considered all in the home as her children. She devoted her attention like a mother for their care, happiness and medical treatment. Sir Dorab Tata donated Rs 50,000 from which she bought Jalbhai Sett’s bungalow at Bandra, said the Parsi historian Marzban Garia. Bai Avabai faramji Petit, too, had donated Rs 1500 to purchase furniture for the home.
“the chief aim of the home was to restore the health of weak and poor women desirous of maintaining of their family rather than depending on other, but due to poor physique unable to do so. The objective was to empower them so that they could lead an industrious and useful life, Giara said.”
In 1932, Shirinbai started another Convalescent home for Poor Parsi men and boys at Bandstand bungalow called Sea Breeze. This home is still functional.