MUMBAI: Forty-eight years after his death, Mehrangir , the sprawling colonial bungalow at Malabar Hill where Homi J Bhabha , father of India's atomic energy programme , spent most of his life, is up for sale.

The National Centre for the Performing Arts (NCPA) on Wednesday issued a public notice inviting developers and investors interested in purchasing the bungalow. After Bhabha died in 1966, his brother Jamshed became the custodian of the Bhabha estate. Being an avid patron of arts and culture, Jamshed Bhabha, who died in 2007, aged 93, had willed the property along with paintings, jewellery, artefacts and furniture to the NCPA, which he had established.

TOI had reported about NCPA's plan to sell the bungalow in its edition on Dec 3, 2010.

Located at a stone's throw from Hanging Gardens, the property is estimated to be valued at over Rs 257 crore. Notwithstanding the valuation, real estate experts pointed out the property is fit for private use, and not for a multi-storey building due to restrictions of coastal regulation zone and height (being in flight path).

The successful bidder will have to shell out Rs 2.5 crore as participation deposit plus 10% of the bid amount within a short period of signing the letter of intent. The bid will be opened on June 18.

Speaking to TOI, NCPA chairman Kushroo N Suntook said they are following the procedure as laid down by Bhabha to monetize the assets to promote arts and culture. "We have put these financial conditions to ensure genuine buyers vie for the property," said Suntook. Once the bidder is finalized, the NCPA will seek the charity commissioner's approval to transfer the property.

Asked whether the NCPA had received any suggestions to convert the bungalow as a heritage property, Suntook replied in the negative. "It is not meant to be converted into a heritage bungalow. The bungalow is now in good shape as we recently painted it. Earlier, it was not in good condition," said Suntook.