RBI Invites Bids to Sell Three Lonavala Bungalows Near Mumbai for ₹6.65 Crore
The Reserve Bank of India (RBI) has announced the sale of three bungalows in Lonavala, a popular hill station near Mumbai, at a base price of ₹6.65 crore. These properties, located near Lonavala Lake, are being sold on an 'as is, where is' basis.
RbiLonavalaReal EstateBungalowsMumbaiReal Estate NewsAug 21, 2025
The properties will be sold on an ‘as is, where is’ basis, as per the tender document. The three bungalows are located on a freehold land plot measuring over 3,800 square meters. The last date for the inspection of the bungalows is September 8, 2025, and the last date for the submission of bids is September 9, 2025, according to the tender notice issued on August 18, 2025.
The RBI has set the reserve price for the three bungalows at ₹6.65 crore and an earnest money deposit (EMD) of ₹10 lakh must be submitted along with the bids. According to the tender notice, prospective buyers will be responsible for clearing all pending taxes with the local authorities.
The RBI has appointed Cushman and Wakefield India, a property consultant, to manage the sale process through sealed offer bidding. The bank aims to liquidate these assets to optimize its resources.
Lonavala, a hill station located 100 km from Mumbai and 60 km from Pune, is one of the most frequented hill stations during weekends, especially during the monsoon and winter seasons. It is primarily a second-home destination and is popular among people looking to invest in villas, farmhouses, or bungalows. The majority of the second-home buyers in Lonavala are from Mumbai, Pune, and Gujarat. Non-Resident Indians (NRIs) have also shown significant interest in the area.
According to local brokers, the per square foot rate of villas in Lonavala can exceed ₹15,000, and 3-4 BHK villas and serviced apartments are available in the range of ₹2 crore to ₹3 crore. The rental yield in Lonavala is around 10%-15% gross, making it an attractive investment for those seeking a second home or rental property.
Lonavala also has a strong connection to Bollywood. Actor Dharmendra owns a 100-acre farmhouse near Pawna Lake, 20 km from Lonavala. Salman Khan has a farmhouse in Panvel, 50 km from Lonavala, and Sunil Shetty owns a second home in Khandala, about 4 km from Lonavala. Several other destinations, such as Goa, Alibaug, Igatpuri, and Karjat, also attract attention from the Bollywood industry for property investments. For instance, Suhana Khan, daughter of Shah Rukh Khan, owns land in Alibaug.
The sale of these bungalows by the RBI presents a unique opportunity for investors and homeowners looking to acquire prime real estate in a highly sought-after location. Interested parties should review the tender notice and submit their bids by the specified deadline.
Frequently Asked Questions
What is the base price for the three bungalows in Lonavala?
The base price for the three bungalows in Lonavala is ₹6.65 crore.
When is the last date for the inspection of the bungalows?
The last date for the inspection of the bungalows is September 8, 2025.
What is the earnest money deposit (EMD) required for the bids?
The earnest money deposit (EMD) required for the bids is ₹10 lakh.
Who has been appointed to manage the sale process?
Cushman and Wakefield India has been appointed to manage the sale process through sealed offer bidding.
What is the per square foot rate of villas in Lonavala?
The per square foot rate of villas in Lonavala can exceed ₹15,000.
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