For the first time in Mumbai, a standalone bungalow will undergo self-redevelopment, financed by its owners and the bank. The owners, the Pereira family, have decided to transform their 87-year-old Victoria Cottage in Bandra into a 14-storey tower. The family plans to occupy the top four floors of the new building while the remaining flats will be sold in phases.
The property is part of the St Sebastian Homes Cooperative Housing Society, which comprises 110 plots.
The blueprint includes:
Two basement floors and two parking towers
14 residential floors with two 2BHK flats on each floor (875–909 sq. ft each)
11 ft ceiling heights for more spacious living
Three balconies per flat
The top four floors will be reserved for the Pereiras, while 20 flats will be released for sale. In the initial phase, flats will be offered to relatives at discounted rates, followed by sales in the open market.
Construction costs are estimated at ₹4,500 per sq. ft for apartments and ₹2,200 per sq. ft for staircases. The Pereiras will invest 10% of the total cost, with the remainder financed through a bank loan. By 2026, the family will vacate the existing bungalow, with the redevelopment expected to take around two-and-a-half years to complete.
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