Historic Mumbai bungalow sold for Rs 276 crore

A historic bungalow in Mumbai has been sold for Rs 276 crore. The Laxmi Nivas bungalow, located on Nepean Sea Road in Malabar Hill, was sold by the Kapadia family to Vageshwari Properties Pvt Ltd. The bungalow was built in 1904 and purchased by the Kapadia family in 1917. They have owned it ever since. The property covers 1,857 square metres and has a built-up area of 19,892 square feet. The sale was officially registered on February 28. Laxmi Nivas has a rich history connected to the Indian independence movement. It housed many freedom fighters, including leaders from the Indian National Congress such as Jawaharlal Nehru and Aruna Asaf Ali. Notably, Subhas Chandra Bose's Azad Hind Radio was also broadcast from this bungalow. The real estate market in Malabar Hill remains active. High-profile property deals have taken place in the area, attracting wealthy buyers. In 2021, DMart's founder bought a bungalow for Rs 1,001 crore. In January, a luxury apartment was sold for Rs 138 crore to the co-founder of Dream11. Recently, K Raheja Homes won a project to redevelop a housing society in the area.