Laxmi Nivas bungalow sold for ₹276 crore in Mumbai

Mumbai's Laxmi Nivas bungalow has been sold for ₹276 crore. This historic property is located on Nepean Sea Road and was a secret hideout for freedom fighters during the Quit India Movement in the 1940s. The Kapadia family owned the bungalow, which measures nearly 19,892 square feet. They sold it to Vageshwari Properties Private Limited, linked to Elina Nikhil Meswani, whose husband is an executive at Reliance Industries. The sale was officially registered on February 28, 2025. The property spans 2,221 square yards and includes a main building with three floors. It played a significant role in India's history, housing leaders like Ram Manohar Lohia and Aruna Asaf Ali. The Kapadia family bought it in 1917 from a Parsi family for about ₹1.20 lakh. The area has development potential for about 45,000 square feet of new construction. Recent real estate trends in Mumbai have seen other significant sales. Uday Kotak purchased 12 apartments for ₹202 crore, while in 2024, Rekha Jhunjhunwala bought multiple units to maintain her sea views. In 2023, D'Mart founder Radhakrishna Damani's family bought 28 housing units for ₹1,238 crore in Worli. Another notable transaction involved the JP Taparia family, who acquired six apartments for ₹369.55 crore in Malabar Hill.