Mumbai’s real estate market has once again witnessed a record-breaking transaction with the sale of the iconic Laxmi Nivas bungalow on the prestigious Nepean Sea Road. This historic property, which played a crucial role during the Quit India Movement, has been sold for an astonishing ₹276 crore, according to documents accessed by Zapkey.
Laxmi Nivas, a 19,891 sq ft bungalow, was once a secret hideout for freedom fighters between 1942 and 1945. It served as a refuge for prominent leaders like Ram Manohar Lohia, Jaiprakash Narayan, Achyut Patwardhan, and Aruna Asaf Ali. The bungalow even functioned as a broadcasting center for Netaji Subhash Chandra Bose’s Azad Hind Radio during this period, making it an integral part of India’s freedom struggle.
The Kapadia family, which had owned Laxmi Nivas for over a century, has now sold the property to Vageshwari Properties Private Limited. One of the key directors of this firm is Elina Nikhil Meswani, wife of Nikhil R Meswani, who serves as an executive director on the board of Reliance Industries Limited. The transaction was officially registered on February 28, 2025.
Spanning 2,221 sq. yards, the bungalow consists of a ground floor, two upper floors, and additional structures at the rear side. The development potential of the land is estimated to be around 45,000 sq ft built-up area, making it a lucrative purchase in Mumbai’s real estate landscape.
Laxmi Nivas is just one of many high-profile real estate deals in Mumbai in recent years. Some other notable transactions include:
Mumbai’s real estate market is known for its luxury and high-value deals, but the sale of Laxmi Nivas stands out due to its historic significance. Once a symbol of India’s fight for independence, the property is now poised to be redeveloped into a modern, high-end real estate project.
With Mumbai’s property prices soaring and historic homes making way for new developments, it remains to be seen how this legendary bungalow will be transformed in the coming years. However, one thing is certain—Laxmi Nivas will continue to hold a special place in Mumbai’s architectural and historical landscape.
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