Mumbai's Iconic Laxmi Nivas Bungalow Sold for Rs. 276 Crores: Details Inside

Mumbai’s iconic heritage estate, Laxmi Nivas bungalow located on the elite Nepean Sea Road has recently been sold for Rs. 276 crores. The sea view bungalow was a significant hideout place during the Quit India Movement. 

Elina Nikhil Meswani, the wife of Nikhil R. Meswani, executive director on the board of Reliance Industries Limited, is one of the directors of Vageshwari Properties Private Limited, which purchased the heritage bungalow from the Kapadia family. The Transfer Deed was registered on February 28, 2025, which showed 15 sellers including Upendra Trikamdas Kapadia and the buyer as Vageshwari Properties Private Limited.

The total area of the property is approximately 19,891.87 sq. ft, according to the documents. The land and building are part of the 2,221 square yard property. According to the records, it consists of the ground floor plus two upper stories as well as the back side of the horizontal floor plus an upper floor.

In 1917, a Parsee family sold the three-story bungalow to the Kapadia family for around Rs. 1.20 lakh. Currently, the property has a development potential of roughly 45,000 sq ft built-up space.

During the Quit India Movement, Laxmi Nivas served as a secret location for freedom fighters. The mansion had been used as a hideout space for Quit India Movement leaders from 1942 to 1945. In the 1940s, Ram Manohar Lohia, Jaiprakash Narayan, Achyut Patwardhan, and Aruna Asaf Ali lived in the seaside bungalow, which also served as the transmission centre for Netaji Subhash Chandra Bose's Azad Hind Radio, according to a media account.

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