MUMBAI: The Edwardian-style bungalow, Franklin House, constructed in 1920, is poised to become yet another heritage site lost in Bandra (W). Situated on St Auxilium Road within the prestigious Pali Hill area, the 1,459 sq m property has been acquired by Aspect Realty, a significant player in Mumbai’s real estate market.
Mohit Kamboj, a former BJP leader and group CEO of Aspect Global Ventures, now oversees the property following a resolution plan sanctioned by the National Company Law Tribunal. For several decades, the property was under the management of a receiver appointed by the Bombay High Court due to an ownership dispute within the Pereira family.
Market analysts estimate the land’s value at approximately Rs 170 crore. Franklin House was originally owned by Augustine Franklin Pereira, who passed away in 1942 and left the estate to his wife Joanna and his children: Dominic, Joseph, Genevieve, and Flossy.
Joseph Pereira passed away in 1996, leaving behind six heirs, including his wife Mildred and their three sons – Dougal, Horace, and Reynolds – along with daughters Pamela and Honora. In 1989, Dominic Pereira initiated legal action against his nephews and Flossy regarding the property. Following this, a receiver was appointed to manage it. A few years later, developers Samir Bhojwani and Suresh Raheja acquired Dougal Pereira’s share for Rs 1.80 crore.
Recently, Vishwanath Realty LLP, linked to Kamboj’s Aspect Group, purchased a one-sixth share from Papeyon Developers for Rs 15 crore. Reports indicate that two tenants received Rs 30 crore each to vacate the premises.
Kamboj, currently in the US, informed TOI: “We have resolved all issues tied to this property and plan to erect a premium residential tower.”
