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

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