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The Reserve Bank of India (RBI) has put three bungalows in Lonavala up for public bidding as part of its plan to monetize non-core real estate. Once used as holiday homes for RBI staff, the properties sit on a 3,800 sq m freehold plot near Lonavala Lake and will be sold on an "as is, where is" basis. With a base price of INR 6.55 crore, bidders must submit a INR 10 lakh deposit. Cushman & Wakefield India is managing the sale, with inspections open until September 8 and bids due September 9. Lonavala's booming market continues to attract investors and second-home buyers.
The Reserve Bank of India (RBI) has initiated the sale of a prime residential asset, putting three bungalows located in the popular hill station of Lonavala up for public bidding. The decision to sell these properties is part of the central bank's broader strategy to monetize its non-core real estate holdings and streamline its portfolio. Advertisement
The three ground-plus-one structures, which previously served as holiday homes for RBI staff, are situated on a combined freehold land parcel spanning over 3,800 square meters near the scenic Lonavala Lake. The properties will be sold on an "as is, where is" basis, meaning prospective buyers will be responsible for their current condition and any pending local taxes.
The sale comes at a time when the Lonavala real estate market is experiencing significant growth. According to industry experts, the area has emerged as a top destination for second-home buyers and investors from Mumbai, Pune, Gujarat, and among Non-Resident Indians (NRIs).
The market offers strong appreciation, with villas commanding prices over INR 15,000 per sq ft and gross rental yields estimated at 10-15%. The location's premium appeal is further enhanced by its association with numerous Bollywood celebrities who also own properties in the region.
The RBI has set a base price of INR 6.55 crore and is requiring a non-refundable earnest money deposit of INR 10 lakh to be submitted with each bid. The entire process is being managed by property consultant Cushman and Wakefield India to ensure transparency. Interested parties have until September 8, 2025, for property inspection, with the final sealed bids due on September 9, 2025.
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