Mumbai's iconic Laxmi Nivas bungalow gets new owner; sold for Rs 276 cr

Mumbai’s iconic Laxmi Nivas bungalow, just off Nepean Sea Road, has been sold to Vageshwari Properties Private Limited for Rs 276 crore by the Kapadia family. Vageshwari Properties lists Elina Nikhil Meswani as one of the directors, according to the Ministry of Corporate Affairs (MCA). She is the wife of Reliance Industries director Nikhil Meswani.

 

The property is located in Mumbai’s tony Malabar Hill area. The three-floor building sits on 2,221 sq yards (1,857.02 sq metres) of land, with a built-up area of 19,891.87 sq ft. According to transaction documents with Zapkey, the sale took place last month at Rs 1.38 lakh per sq ft.

 

Built by a Parsi family from Old Bombay in 1904, the colonial bungalow was sold to the Upendra Trikamdas Kapadia family in 1917 and has been their home for over three generations.

 

The sea-view bungalow has hosted historic figures, including Ram Manohar Lohia, Jaiprakash Narayan, Aruna Asaf Ali, and more during the peak of the Quit India movement, as it served as a secret hideout for freedom fighters in the 1940s. The property had been up for sale since 2016.

 

The heritage residence is located opposite the diplomatic residence of the Consulate General of the Russian Federation, in close proximity to Priyadarshini Park, one of the most sought-after and valuable neighbourhoods for homes in Mumbai.