New Delhi, Aug. 18 -- An 87-year-old bungalow, located in the tony suburb of Bandra in Mumbai, is about to go through a makeover, marking a historic first in the area.

While cooperative housing societies opting for self-redevelopment isn't uncommon, the Pereira family, who are the owners of the property, have decided to get their decades-old abode rebuilt into a multistory tower, financed entirely by them, Hindustan Times reported.

The owners plan to occupy the top four floors and sell the rest available floors to interested buyers.

Vivian Pereira and his wife, Myra Pereira, moved into the bungalow called 'Victoria Cottage' in 1975. The property is part of the larger St Sebastian Homes Cooperative Housing Society, which has 110 plots....