The real estate industry in Mumbai has witnessed yet another historic transaction. The Laxmi Nivas Bungalow on Nepean Sea Road has been sold for ₹276 crore. Beyond highlighting the lofty property prices within Mumbai, this sale marks a landmark moment in the fight to preserve the city’s heritage.
Laxmi Nivas Bungalow has an important past as a historic property and was once a secret refuge for freedom fighters during the Quit India Movement. From 1942 to 1945, the property acted as a secret base for leaders of the freedom movement. It was used by renowned freedom fighters Ram Manohar Lohia, Jaiprakash Narayan, Achyut Patwardhan and Aruna Asaf Ali. In fact, the bungalow was also a base for Netaji Subhash Chandra Bose’s Azad Hind Radio. Because of its deep historical roots, we think of Laxmi Nivas Bungalow not only as a property but in a contextual way that the Bungalow stands as a pledge for the freedom of India.
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The Laxmi Nivas Bungalow was originally built for approximately ₹1.20 lakh by the Kapadia family in 1917 from a Parsee family. The built-up area is around 19,891 sq. ft with a land area of 2,221 sq. yards. The structure is three stories high, with one ground and two upper floors, plus an extra horizontal floor in the back with an upper level. The sheer size and heritage of the Laxmi Nivas Bungalow capture the imagination, and experts believe it has the potential to develop to more than 45,000 sq. ft of built-up area.
The recent transaction saw the property acquisition by Vageshwari Properties Private Ltd. on February 28th, 2025, with the deal involving 15 persons as the sellers including two prominent members of the Kapadia family, Upendra Trikamdas Kapadia. The buyer, Vageshwari Properties Private Ltd. operates under Elina Nikhil Meswani, wife of Nikhil R Meswani, an executive director on the board of Reliance Industries Ltd. The transaction has been confirmed even though the buyers and sellers have not had comments available through transaction documents made available through Zapkey and other industry sources. This transaction has been a very profitable financial transaction by all accounts.
The Laxmi Nivas Bungalow transaction was one of Mumbai's priciest real estate transactions. It also illustrated the growing trend of assigning value to heritage properties for their luxe living spaces and their cultural and historical value. The estate represents Mumbai's changing real estate vernacular, a social dynamic that connects the modern-day housing market to rich histories.
In conclusion, the sale of the Laxmi Nivas Bungalow for ₹276 crore is not simply a transaction between buyers and sellers; it is a celebration of Mumbai's grand past and a window into its fascinating future. While heritage properties are increasingly sold for Royale prices, the Laxmi Nivas Bungalow will continue to be a legacy luxury that sticks in the minds of buyers – a belonging that infuses both legacy and luxury.
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Ans 1. It served as a secret refuge for freedom fighters during the Quit India Movement, linking Mumbai’s rich heritage with its modern luxury real estate.
Ans 2. The bungalow covers around 19,891 sq. ft. built-up area on 2,221 sq. yards of land, showcasing its grand scale and architectural legacy.
Ans 3. Vageshwari Properties Private Ltd. acquired the bungalow on February 28, 2025, marking a landmark transaction in Mumbai’s real estate market.
Ans 4. The ₹276 Cr sale underscores a trend of premium pricing for heritage properties, emphasizing the blend of historical value and luxury living in Mumbai.
Ans 5. It sets a benchmark for valuing heritage assets, encouraging investors to consider both cultural significance and modern luxury in Mumbai’s evolving market.