Mumbai’s historic Laxmi Nivas Bungalow, located on the Nepean Sea Road, has been sold for ₹276 crore, making it one of the most expensive real estate deals in the city, documents accessed by Zapkey reveal. The bungalow, a landmark steeped in the city’s colonial and freedom-fighting history, has now been sold by the Kapadia family to Vageshwari Properties Private Limited. The Transfer Deed for the property was registered on February 28, 2025, with 15 sellers involved in the deal, including Upendra Trikamdas Kapadia.
From ₹1.20 lakh to ₹276 crore
The property, which sits on 2,221 sq. yards of land, includes the bungalow’s ground and two upper floors, along with additional space on the rear side. It holds significant development potential, with an estimated 45,000 sq ft of built-up area available for future projects.
Originally purchased by the Kapadia family in 1917 for ₹1.20 lakh from a Parsee family, Laxmi Nivas has come a long way in terms of both historical significance and market value.
A historic hideout for freedom fighters
Once a crucial hideout for freedom fighters during the Quit India Movement in the 1940s, Laxmi Nivas was home to several key figures of India’s independence struggle. Between 1942 and 1945, the bungalow provided shelter to the likes of Ram Manohar Lohia, Jaiprakash Narayan, Achyut Patwardhan, and Aruna Asaf Ali. It also served as the broadcasting centre for Netaji Subhas Chandra Bose’s Azad Hind Radio.
