The Reserve Bank of India (RBI) has invited bids to sell three bungalows in Lonavala, a hill station near Mumbai, at a base price of ₹6.55 crore. Located near the scenic Lonavala Lake, the ground-plus-one structures were earlier used by the RBI as holiday homes for its staff.
The properties will be sold on an ‘as is, where is’ basis, according to the tender document.
The three bungalows are on a freehold land on a plot measuring over 3,800 sq 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, according to a tender notice issued on August 18, 2025.
The RBI has kept 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, the prospective buyers will be responsible for clearing all pending taxes with the local authorities.
{{/usCountry}}According to the tender notice, the prospective buyers will be responsible for clearing all pending taxes with the local authorities.
{{/usCountry}}According to sources, the RBI wants to sell the bungalow to liquidate its assets.
The RBI mentioned in the tender notice that Cushman and Wakefield India, a property consultant, has been appointed by the bank to organise and manage the sale process by sealed offer bidding.
All about the Lonavala real estate market
Lonavala, a hill station located 100 km from Mumbai and 60 km from Pune, is one of the most frequented hill stations during the weekends, especially during the monsoon and winter.
Lonavala 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 go above ₹15,000 per sq ft and 3-4 BHK villas and serviced apartments are available in the upwards range of ₹2 crore and 3 crore. The rental yield is around 10%-15% gross.
Lonavala's Bollywood connect
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 a lot of attention from the Bollywood industry for investing in property. For example, Suhana Khan, daughter of Shah Rukh Khan, owns land in Alibaug.