The historic Laxmi Nivas bungalow, located on Mumbai’s prestigious Nepean Sea Road, has been sold for Rs 276 crore, making it one of the most expensive real estate deals in Mumbai’s history. This iconic property was once a hub during India’s freedom struggle, was a secret hideout for freedom fighters during the Quit India Movement in the 1940s.
Laxmi Nivas Bungalow
The 19,891 sq. ft. property, owned by the Kapadia family, was sold to Vageshwari Properties Private Limited, a company with Elina Nikhil Meswani, who is a wife of Nikhil R. Meswani, an executive director on the board of Reliance Industries Limited, as one of its directors. The Transfer Deed for the transaction was officially registered on February 28, 2025.
The sale includes both the land and the building, which has spread across 2,221 sq. yards and features a ground floor, two upper floors, and additional rear structures. The bungalow has a development potential of 45,000 sq. ft. built-up area.
The property had been in the Kapadia family since 1917, they purchased it from a Parsee family for Rs 1.20 lakh. The current sale involved 15 sellers, including Upendra Trikamdas Kapadia, as per documents accessed by Zapkey.
Legacy Of Freedom Movement
Laxmi Nivas, between 1942 and 1945, served as a secret hideout for leaders of the Quit India Movement, including Ram Manohar Lohia, Jaiprakash Narayan, Achyut Patwardhan, and Aruna Asaf Ali. The bungalow also operated as the broadcasting center for Netaji Subhash Chandra Bose’s Azad Hind Radio, which played a major role in spreading the message of independence.
There is no official comment on the deal by the buyers or the sellers.
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