The Reserve Bank of India (RBI) has announced the sale of three of its bungalows situated in the popular hill station of Lonavala, located near Mumbai. The properties, which were earlier used as holiday homes for RBI employees, stand on a plot of more than 3,800 square meters close to the picturesque Lonavala Lake. As reported by Hindustan Times, the central bank has decided to liquidate these assets as part of its move to offload property holdings. The bungalows are now open for sale, inviting interested buyers to submit their bids in accordance with the tender process.
The properties are being sold on an “as is, where is” basis with a reserve price fixed at ₹6.55 crore. Any potential buyer interested in participating in the bidding process must first submit an earnest money deposit (EMD) of ₹10 lakh. The RBI issued the official tender notice on 18 August 2025. As per the details, the last date to inspect the properties is 8 September 2025, while the deadline to submit final bids is 9 September 2025. The central bank has roped in Cushman and Wakefield India as the property consultant to oversee and manage the sealed bidding process.
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The notice further states that buyers will have to settle any pending property taxes with the local authorities once they take over the bungalows. Meanwhile, the sale of these properties reflects the growing interest in Lonavala’s thriving real estate market. Positioned 100 kilometers from Mumbai and 60 kilometers from Pune, the hill station is widely regarded as a prime destination for second homes. People seeking investment opportunities in bungalows, villas, and farmhouses continue to drive the demand. Investors from Mumbai, Pune, and Gujarat dominate the market, along with a considerable share of Non-Resident Indians (NRIs).
Property consultants in the region note that villa prices in Lonavala can go beyond ₹15,000 per square foot, with 3-4 BHK villas often priced in the ₹2 crore to ₹3 crore bracket. Investors also benefit from a strong rental market in the area, where gross yields range between 10% and 15%. The picturesque surroundings and proximity to Mumbai have made Lonavala a popular choice for Bollywood celebrities as well. Veteran actor Dharmendra owns a sprawling 100-acre farmhouse near Pawna Lake, around 20 km from Lonavala. Superstar Salman Khan has a farmhouse in Panvel, about 50 km away, while actor Suniel Shetty owns a second home in Khandala, which lies just 4 km from Lonavala.