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Historic Laxmi Nivas Bungalow Sold for ₹276 Crore in Landmark Mumbai Deal

The iconic Nepean Sea Road property, tied to India's independence movement, was purchased by a Reliance-linked firm after nearly a decade on the market.

Mumbai’s iconic Laxmi Nivas bungalow on Nepean Sea, which served as a secret hideout for freedom fighters during the Quit India Movement in the 1940s, has been sold for ₹276 crore. (Representational Photo)
Mumbai, India - March 19, 2025: A view of the Laxmi Niwas Building at Nepean sea road in Mumbai, India, on Wednesday, March 19, 2025. (Photo by Satish Bate/ Hindustan Times) (Hindustan Times)

Overview

  • The Laxmi Nivas bungalow, built in 1904 and owned by the Kapadia family since 1917, was sold for ₹276 crore to Vageshwari Properties Private Limited.
  • The property, associated with India's Quit India Movement, served as a safe house for freedom fighters and a broadcasting center for Azad Hind Radio.
  • The buyer, Vageshwari Properties, is linked to Reliance Industries through Elina Nikhil Meswani, wife of RIL executive director Nikhil Meswani.
  • The sale involved 15 members of the Kapadia family and was finalized on February 24, 2025, with registration completed on February 28, 2025.
  • Spanning a plot of 19,989 sq ft, the bungalow is one of Mumbai's most expensive real estate transactions, reflecting the growing corporate interest in heritage properties.