Iconic Laxmi Nivas Bungalow on Nepean Sea Road Sold for ₹276 Crore
Mumbai’s real estate market has recorded another high-value transaction with the sale of Laxmi Nivas, a historic bungalow on Nepean Sea Road, for ₹276 crore. The property, known for its role in India’s freedom movement, was previously owned by the Kapadia family. According to documents accessed by Zapkey, the bungalow has been acquired by Vageshwari Properties Private Limited, a firm linked to the Reliance Industries Limited (RIL) group. One of its directors is Elina Nikhil Meswani, wife of RIL executive director Nikhil R. Meswani.
Laxmi Nivas played a role in India’s independence movement. During the Quit India Movement from 1942 to 1945, the bungalow served as a hideout for leaders such as Ram Manohar Lohia, Jaiprakash Narayan, Achyut Patwardhan, and Aruna Asaf Ali. It also functioned as a broadcasting center for Netaji Subhash Chandra Bose’s Azad Hind Radio. The Kapadia family had acquired the three-storied bungalow from a Parsee family in 1917 for approximately ₹1.20 lakh. Over the years, it remained a private residence before being put up for sale. The land parcel associated with the bungalow has a development potential of around 45,000 square feet of built-up area.
The bungalow spans 19,891 square feet and includes a ground floor, two upper floors, and a rear section with an additional floor. The total land area is approximately 2,221 square yards. The transaction was formalized through a Transfer Deed registered on February 28, 2025. The deal involved 15 sellers, including Upendra Trikamdas Kapadia, and was concluded with Vageshwari Properties Private Limited as the buyer. The sale of Laxmi Nivas is one of the significant real estate transactions in Mumbai. Its location on Nepean Sea Road, an area known for premium residential properties, adds to the value of the transaction.
Mumbai has witnessed several large-scale real estate deals in recent years. Some of the most prominent include Uday Kotak’s real estate purchase, where the Kotak family acquired 12 sea-facing apartments in the Shiv Sagar residential complex on Worli Sea Face for ₹202 crore. The purchase was documented in property registration records accessed by Zapkey.com. Rekha Jhunjhunwala, widow of stock market investor Rakesh Jhunjhunwala, made news in 2024 for purchasing nearly all units in a South Mumbai residential building. The acquisition was aimed at maintaining an unobstructed view of the Arabian Sea from her Malabar Hill residence. In 2023, family members and associates of Radhakrishna Damani, the founder of D’Mart, purchased 28 housing units in Mumbai’s Worli area. The combined value of these properties was ₹1,238 crore, making it one of the largest property deals in the country. The JP Taparia family, promoters of contraceptive manufacturer Famy Care Ltd, purchased six apartments in the Lodha Malabar project in South Mumbai’s Malabar Hill for ₹369.55 crore in 2023. The deal was recorded in documents accessed and shared by IndexTap.com and Zapkey.com.
The sale of Laxmi Nivas adds to the growing list of high-value real estate transactions in Mumbai. The city’s luxury property market continues to attract buyers from business families, corporate executives, and investors seeking prime locations with significant redevelopment potential. Nepean Sea Road, where Laxmi Nivas is located, remains one of Mumbai’s sought-after residential areas. Its proximity to business districts, coastline, and premium infrastructure contributes to its appeal among buyers willing to invest in high-value properties. With a land parcel that offers a built-up area potential of 45,000 square feet, redevelopment of Laxmi Nivas could be an option for the new owners. Many historic properties in South Mumbai have been repurposed into luxury apartments or commercial spaces, reflecting the demand for high-end real estate in the city.
The sale of Laxmi Nivas for ₹276 crore underscores Mumbai’s status as one of India’s most expensive real estate markets. The transaction also highlights the enduring value of historically significant properties, particularly in prime locations.
