Mumbai's Iconic Laxmi Nivas Bungalow Sold for Rs 2.76 Bn

21 Mar 2025 CW Team

Mumbai’s historic Laxmi Nivas bungalow, situated on the prestigious Nepean Sea Road, has been sold for Rs 2.76 billion. The property, which played a significant role during the Quit India Movement in the 1940s, was a safe house for prominent freedom fighters.

The 19,891 sq. ft bungalow, previously owned by the Kapadia family, has been acquired by Vageshwari Properties. One of the company's directors is Elina Nikhil Meswani, wife of Nikhil R Meswani, an executive director at Reliance Industries Limited. The transaction, involving 15 sellers, including Upendra Trikamdas Kapadia, was formalised through a Transfer Deed registered on February 28, 2025.

The estate covers 2,221 sq. yards and includes a ground floor with two upper levels, along with additional structures at the rear. The bungalow was originally purchased by the Kapadia family from a Parsee family in 1917 for approximately Rs 1.20 lakh. Currently, the land offers a development potential of around 45,000 sq ft of built-up area.

The Mumbai real estate market has seen several high-profile transactions in recent years. In one such deal, Uday Kotak and his family acquired 12 sea-facing apartments in Worli’s Shiv Sagar Building for Rs 2.02 billion. Similarly, in 2024, Rekha Jhunjhunwala purchased multiple units in a South Mumbai residential building to maintain an unobstructed view from her Malabar Hill residence.

One of the largest real estate transactions in the country occurred in 2023 when associates of D’Mart founder Radhakrishna Damani bought 28 housing units in Worli for Rs 12.38 billion. Additionally, the JP Taparia family, promoters of Famy Care, acquired six apartments in the Lodha Malabar project in Malabar Hill for Rs 3.69 billion, as per property registration records.

News source: HINDUSTAN TIMES

Real Estate

08 May 2026

Integrated Waterproofing Strategies

Waterproofing buildings used to be an annual pre-monsoon affair but the evolution of real-estate development has changed that approach. In new developments, developers are weaving waterproofing solutions into both the design and construction phases, an approach that Nikhil Madan, Managing Director, Mahima Group, says, “is all about ensuring lasting durability [of the building] and keeping lifecycle risks including water seepage and extensive maintenance to a minimum.”Watertight by designAluminium formwork systems aren’t commonly thought of as a waterproofing tool but at the Mahima Group,..

GROHE Showcases Water-Led Design At Milan

GROHE unveiled its GROHE SPA Aqua Sanctuary at Milan Design Week 2026, transforming Piccolo Teatro Studio Melato into an immersive showcase of water, design and wellbeing. Built on the philosophy of ‘Wellbeing Through Water’, the installation reimagined bathrooms as holistic spaces for relaxation, rejuvenation and self-care.The Aqua Sanctuary was presented through three interconnected sanctums. The first showcased the 3D-printed GROHE SPA AquaTree shower and faucet, highlighting bespoke innovation and biophilic design. The second featured the Atrio Private Collection and GROHE SPA x Buster..

Rahee Group Expands Rail Manufacturing Capacity

Rahee Group has outlined a multi-year investment roadmap to expand its operational footprint and strengthen manufacturing capabilities for India’s growing railway and urban transit sector. The Group is expanding in Odisha with a new Track Component Casting Unit, for which the groundbreaking ceremony was held on 8 April 2026 in the presence of Odisha Chief Minister Mohan Charan Majhi.The Group’s flagship EPC arm, Rahee Infratech Ltd, continues to focus on complex rail infrastructure projects, including track systems, bridges, viaducts and ballastless infrastructure. Its wholly owned subsidi..