In a landmark real estate transaction, Laxmi Niwas, a heritage bungalow on Mumbai’s upscale Nepean Sea Road with deep ties to India’s independence movement, has been sold for Rs 2.76 billion to Vageshvari Properties Private Limited. The sale, reported by proptech platform Zapkey, marks the end of an era for the Kapadia family, which owned the property for over a century. A Legacy of India’s Freedom Movement Built in 1904 by a Parsi family and acquired by the Kapadias in 1917 for Rs 12.0 million , Laxmi Niwas played a pivotal role during the Quit India Movement in the 1940s. The bungalow served as a safe house for prominent freedom fighters, including Pandit Jawaharlal Nehru, Ram Manohar Lohia, Aruna Asaf Ali, Achyut Patwardhan, and Jayaprakash Narayan. It is also historically significant as a transmission site for Netaji Subhash Chandra Bose’s Azad Hind Radio. A High-Value Transaction in Mumbai’s Luxury Market Spanning 19,989 sq ft, the bungalow had been on the market for nearly a decade before the deal was finalised. The property fetched Rs 13.8 million per sq ft, reflecting its prime location and historic significance. The sale agreement was formalised on February 24 and registered on February 28, involving 15 members of the Kapadia family, including Upendra, Dilip, Atul, and Jaydeep Kapadia. Corporate Links to Reliance Industries According to Tofler, the buyer, Vageshvari Properties Private Limited, has three directors: Elina Nikhil Meswani – wife of RIL executive director Nikhil Meswani Rupin Vasant Patel – a director at Reliance Fresh and other RIL subsidiaries Ganesh Sakharam Kadam – also associated with RIL-linked companies The strong corporate backing behind the acquisition suggests potential redevelopment or high-end real estate investment, though no official confirmation has been made. A New Chapter for Laxmi Niwas While the sale marks the end of Laxmi Niwas as a private residence of historical significance, it remains to be seen whether the iconic structure will be preserved or redeveloped. Given its legacy, Mumbai’s real estate and heritage conservation communities will be keenly watching what happens next.