RBI Auctions Prime Lonavala Bungalows: Details on Price and Application Deadline

The Reserve Bank of India (RBI) has invited bids to sell three bungalows in Lonavala, a popular hill station near Mumbai, where Bollywood celebrities often own properties. These bungalows, previously used as holiday homes for RBI staff, are situated on a plot of over 3,800 square meters near the picturesque Lonavala Lake. The central bank is selling these assets to liquidate its property holdings, as reported by Hindustan Times.

The sale is based on an “as is, where is” basis, with a reserve price of ₹6.55 crore. Prospective buyers must submit an earnest money deposit (EMD) of ₹10 lakh to participate in the bidding. According to a tender notice issued on 18 August 2025, the last date for the inspection of the bungalows is 8 September 2025, and the last date for the submission of bids is 9 September 2025.

The RBI has appointed property consultant Cushman and Wakefield India to organize and manage the sale process through sealed offer bidding. Buyers will also be responsible for clearing all pending taxes with the local authorities, as stated in the notice.

Lonavala, a hill station located 100 km from Mumbai and 60 km from Pune, is primarily a second-home destination for individuals looking to invest in villas, farmhouses, or bungalows. The majority of property investors in Lonavala are from Mumbai, Pune, and Gujarat, as well as Non-Resident Indians (NRIs). According to local brokers, property prices for villas can exceed ₹15,000 per square foot, with 3-4 BHK villas often priced at an upward range of ₹2 crore and ₹3 crore. For investors, Lonavala offers a strong rental market, with a gross rental yield of around 10%-15%.

Lonavala and its surrounding areas also attract considerable attention from Bollywood celebrities. Veteran actor Dharmendra owns a 100-acre farmhouse near Pawna Lake, located just 20 km from Lonavala. Similarly, Salman Khan owns a farmhouse in Panvel, which is 50 km from Lonavala. Sunil Shetty owns a second home in Khandala, which is situated about 4 km from Lonavala.

For those interested in purchasing these bungalows, the RBI’s decision to auction them provides a unique opportunity to own a piece of prime real estate in one of the most sought-after hill stations in India.