Mumbai's Iconic Laxmi Nivas bungalow sells for Rs. 276 crore

Mumbai’s renowned Laxmi Nivas bungalow, situated on the prestigious Nepean Sea Road, which served as a covert hideout for freedom fighters during the Quit India Movement in the 1940s, has been acquired for Rs. 276 crore, as revealed by documents obtained from Zapkey.

What was once a central location for the freedom struggle is now recognized as one of the priciest real estate transactions in Mumbai, according to Zapkey.

As per the documents, the Kapadia family, who owned the historic 19,891 sq ft bungalow, has sold the property to Vageshwari Properties Private Limited, whose director is Elina Nikhil Meswani, spouse of Nikhil R Meswani, an executive director on the board of Reliance Industries Limited.

The total built-up area of the property is around 19,891.87 sq. ft, according to the documents.

The Transfer Deed was officially registered on February 28, 2025. There are 15 sellers including Upendra Trikamdas Kapadia, while the buyer is Vageshwari Properties Private Limited, the documents indicate.

The property encompasses the land and building, stretched over 2,221 sq. yards. It features the ground floor along with two additional upper floors and includes a horizontal floor at the rear plus an upper floor, as indicated in the documents.

Laxmi Nivas on Nepean Sea Road functioned as a clandestine hideout for freedom fighters during the Quit India Movement. Between 1942 and 1945, the house acted as a secret base for leaders involved in the Quit India Movement. According to a media report, the sea-view bungalow was home to prominent figures like Ram Manohar Lohia, Jaiprakash Narayan, Achyut Patwardhan, and Aruna Asaf Ali during the 1940s, and it also served as the broadcasting station for Netaji Subhash Chandra Bose’s Azad Hind Radio during that time.

The Kapadia family acquired the three-story bungalow from a Parsee family for approximately Rs. 1.20 lakh in 1917. Currently, the land parcel holds a development potential of about 45,000 sq ft of built-up area.