Mumbai: Franklin House, an Edwardian-style bungalow built in 1920, is the latest among heritage properties in Bandra (W) that’s set to disappear. The 1,459 sq m property on St Auxilium Road in the upscale residential enclave of Pali Hill has been bought by Aspect Realty, which has emerged as a major player in Mumbai’s realty market.Mohit Kamboj, a former BJP leader, is group CEO of Aspect Global Ventures, which controls the property following a resolution plan approved by the National Company Law Tribunal. The property was under a Bombay high court-appointed court receiver for several decades due to a dispute within the original owners, the Pereira family.Market sources said the land is valued at around Rs 170 crore. Franklin House belonged to Augustine Franklin Pereira, who died in 1942 and bequeathed it to his wife Joanna, sons Dominic and Joseph and daughters Genevieve Beatrice and Flossy Rose. Son Joseph died in 1996 leaving behind six heirs including his wife Mildred, three sons, Dougal, Horace and Reynolds, and two daughters Pamela and Honora. In 1989, Dominic Pereira filed a suit in the high court against his nephews Dougal, Horace and Reynolds, and Flossy, over the property. Subsequently, the court appointed a receiver to take charge of it. A few years later, developers Samir Bhojwani and Suresh Raheja (Papeyon Developers) bought Dougal Pereira’s share for Rs 1.80 crore.Two months ago, Vishwanath Realty LLP, an associate entity of Kamboj’s Aspect Group, purchased Papeyon’s one-sixth stake in the plot for Rs 15 crore. Two tenants are believed to have been paid Rs 30 crore each to vacate.Kamboj, who is currently in the US, told TOI: “We have settled all the issues connected with this property and plan to build a high-end tower.”
