RBI Invites Bids to Sell Three Luxurious Lonavala Bungalows for ₹6.65 Crore
The Reserve Bank of India (RBI) has invited bids to sell three bungalows in Lonavala, a scenic hill station near Mumbai, at a base price of ₹6.55 crore. These bungalows, located near the serene Lonavala Lake, were previously used as holiday homes for RBI staff.
The properties will be sold on an ‘as is, where is’ basis, according to the tender document. The three bungalows are situated on a freehold land plot measuring over 3,800 square meters.
The last date for inspection of the bungalows is September 8, 2025, and the last date for submission of the bids is September 9, 2025, as per the tender notice issued on August 18, 2025. The RBI has set the reserve price for the three bungalows at ₹6.55 crore and an earnest money deposit (EMD) for submission along with the bids at ₹10 lakh.
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 organize and manage the sale process through sealed offer bidding.
Lonavala, 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 wanting to invest in villas, farmhouses, or bungalows. The majority of the second-home buyers in Lonavala are from Mumbai, Pune, and Gujarat. Several Non-Resident Indians (NRIs) have also invested in the area.
According to local brokers, the per sq ft rate of villas in Lonavala can exceed ₹15,000 per sq ft. Three to four BHK villas and serviced apartments are available in the range of ₹2 crore to ₹3 crore. The rental yield in the area is around 10%-15% gross.
Lonavala has a strong connection with Bollywood, with several stars owning properties in and around the area. Bollywood actor Dharmendra owns a 100-acre farmhouse near Pawna Lake, 20 km from Lonavala. Salman Khan also owns a farmhouse in Panvel, 50 km from Lonavala. 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 investment. For example, Suhana Khan, daughter of Shah Rukh Khan, owns land in Alibaug.
