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Mumbai's iconic Laxmi Nivas bungalow, located on Nepean Sea Road, has been sold for INR 276 crore, making it one of the city's most expensive property transactions. Once a secret refuge for freedom fighters during the Quit India Movement, the 19,891 sq ft colonial bungalow was sold by the Kapadia family to Vageshwari Properties Pvt. Ltd., linked to Elina Nikhil Meswani of Reliance Industries. Built in 1904 and owned by the Kapadia family since 1917, the property holds significant historical value and development potential of around 45,000 sq ft. This sale adds to a series of high-value real estate deals in Mumbai's luxury market.
Mumbai's landmark Laxmi Nivas bungalow, situated on the prestigious Nepean Sea Road, has recently been sold for INR 276 crore. This historic property once served as a covert refuge for freedom fighters during the Quit India Movement in the 1940s. This former hub of revolutionary activity has now become one of the city's priciest real estate transactions. Advertisement
The documents accessed by Zapkey revealed that the Kapadia family, long-time owners of the 19,891.87 sq ft colonial bungalow, sold the residence to Vageshwari Properties Private Limited. Notably, one of the directors of the purchasing firm is Elina Nikhil Meswani, wife of Nikhil R Meswani, who serves as an executive director on Reliance Industries Limited's board. The sale had taken place at an approximate rate of INR 1.38 lakh per sq ft.
The Transfer Deed for this transaction was registered earlier this week. There were 15 sellers involved in the agreement, including Upendra Trikamdas Kapadia, while the buyer was identified as Vageshwari Properties Private Limited, according to the official documents.
The property, inclusive of land and structure, covers a total area of 2,221 sq yards. It comprises a ground floor and two additional upper levels, along with the rear portion, which includes a horizontal floor plus an upper floor, as specified in the records.
Situated opposite the diplomatic residence of the Consulate General of the Russian Federation and near Priyadarshini Park, the heritage bungalow is located in one of Mumbai's most prestigious and valuable neighbourhoods. Laxmi Nivas had reportedly been listed for sale since 2016, drawing attention for both its historic legacy and its prime location.
During the Quit India Movement from 1942 to 1945, Laxmi Nivas served as a clandestine shelter for prominent leaders. A media report stated that the sea-view residence had been home to stalwarts such as Ram Manohar Lohia, Jaiprakash Narayan, Achyut Patwardhan, and Aruna Asaf Ali during the 1940s. Additionally, it functioned as the broadcasting hub for Netaji Subhash Chandra Bose's Azad Hind Radio.
Originally constructed by a Parsi family from Old Bombay in 1904, the bungalow was acquired by the Kapadia family in 1917 for approximately INR 1.20 lakh. The family has resided there for over three generations. The current land parcel is said to have a development potential of about 45,000 sq ft of built-up area.
This high-profile deal joins a growing list of significant property transactions in Mumbai. Uday Kotak and his family were reported to have acquired 12 sea-facing apartments for INR 202 crore in the Shiv Sagar Building on Worli Sea Face earlier this year. In 2024, Rekha Jhunjhunwala, widow of the late billionaire stock investor Rakesh Jhunjhunwala, reportedly purchased nearly all the units in a residential building in South Mumbai to prevent any obstruction to the sea view from her residence on Malabar Hill.
Additionally, in 2023, family members and associates of Radhakrishna Damani, founder of D'Mart, were reported to have acquired 28 housing units worth INR 1,238 crore in Mumbai's Worli area. Similarly, the JP Taparia family, promoters of Famy Care Ltd, had purchased six apartments with a combined area in the Lodha Malabar project in South Mumbai's Malabar Hill for INR 369.55 crore in 2023.
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