RBI To Auction Three Lonavala Bungalows Near Mumbai: Check What They're Worth

(MENAFN- Live Mint) The Reserve Bank of India (RBI) has invited bids to sell three bungalows in Lonavala, a hill station near Mumbai, where Bollywood celebrities own properties.

The bungalows, which were previously used as holiday homes for RBI staff, are located on a plot of over 3,800 sq meters near the scenic Lonavala Lake. The central bank is selling the assets to liquidate its property holdings, Hindustan Times reported.

Full details of the properties: Price, last date to apply

The sale is based on an“as is, where is” basis, with a reserve price of ₹6.55 crore. To participate in the bidding, prospective buyers must submit an earnest money deposit (EMD) of ₹10 lakh.

According to a tender notice issued on 18 August 2025, the last date for inspection of the bungalows is 8 September 2025, and the last date for submission of the bids is 9 September 2025.

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

Lonavala's real estate market

Lonavala, a hill station located 100 km from Mumbai and 60 km from Pune, is primarily a second-home destination for people wanting to invest in villas, farmhouses or bungalows. The majority of the 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 sq ft, 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%.

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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 located about 4 km from Lonavala.

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