A historic bungalow with deep ties to India’s independence movement has been sold in one of Mumbai’s most expensive real estate transactions. Laxmi Nivas, located on the prestigious Nepean Sea Road in Mumbai, was purchased for ₹276 crore by Vageshwari Properties Private Limited, according to property documents verified by Zapkey. Here are all of the other important details that you would need to know about the sale of this particular property in Mumbai.
Laxmi Nivas In Mumbai Is Finally Sold For ₹276 Crore
According to an article which was recently published by the Hindustan Times or HT, the property was previously owned by the Kapadia family. They acquired it from a Parsee family in 1917 for approximately ₹1.20 lakh. This iconic heritage building sprawls across 19,891 sq ft.
It includes the land and a building of three storeys spread across 2,221 sq yards. One of the directors of Vageshwari Properties is Elina Nikhil Meswani, wife of Nikhil R Meswani, who serves as an executive director on the board of Reliance Industries Limited.
The transfer deed was registered on February 28, 2025, with 15 sellers including Upendra Trikamdas Kapadia. Laxmi Nivas holds significant historical importance as it served as a secret refuge for freedom fighters during the Quit India Movement between 1942 and 1945.
It Once Served As A Hideout For Indian Freedom Fighters
Notable independence leaders including Ram Manohar Lohia, Jaiprakash Narayan, Achyut Patwardhan and Aruna Asaf Ali reportedly used the bungalow as a safe house. The property also functioned as the broadcasting centre for Netaji Subhash Chandra Bose’s Azad Hind Radio during this pivotal period in India’s struggle for independence.
The sale represents another chapter in the ongoing story of Mumbai’s high-value property market, where heritage buildings continue to command premium prices despite — or perhaps because of — their historical significance.
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The sea-view property, situated in one of Mumbai’s most exclusive neighbourhoods, currently has development potential for approximately 45,000 sq ft of built-up area.
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First Published: March 20, 2025 1:11 PM