Mumbai's Laxmi Niwas Bungalow Sold: Quit India Movement-Era Building In Nepean Sea Handed Over For ₹276 Crore

The city of Mumbai is filled with avenues of history. There is history asleep in every gully and lane behind Mumbai's iconic landmarks. One such landmark, the Laxmi Niwas Bungalow located in Mumbai's upmarket and pricey Nepean Sea, was sold for a whopping Rs 276 crore.

Laxmi Niwas Bungalow Sold

This is one of the biggest deals made in the city for a heritage/vintage property.

This edifice has a special place in India's independence movement, as it served as a 'safe house' for many important freedom fighters in the early 1940s, right before Independence.

This is a time in history when the British Raj was under pressure from Quit India movement, which saw many rally behind the common cause of independence.

The building was originally constructed in 1904, and its goes by the Kapadia Laxmi Nivas.

Who Are The Buyers?

When it comes to the deal, this landmark deal came to pass as the owners of the building, the Kapadia family sold the 19,891 sq ft bungalow to Mumbai-based Wageshwari Properties Private Limited.

According to a report, Elina Nikhil Meswani, one of those directors, is wife of Nikhil R Meswani, who is an executive director on the board of Reliance Industries Limited.

The deal, as according to Zapkey,com, transpired on February 28, 2025.

More About The Property

When we look at the dimensions of the property, it is spread on a 19,891 sq ft plot, in which, the building is spread across 2,221 sq. yards.

The Laxmi Niwas property also includes the ground plus two upper floors and the rear side of the horizontal floor plus an upper floor.

Nepean Sea in south Mumbai or officially Mumbai City District, is one of the most expensive real estate localities, not just in the whole of Mumbai, but in the country at large.

According to 99acres.com, an sqft would cost buyers around Rs 78,700. This is far higher than Vile Parle (the airport is located here), where a sqft cost around Rs 40,000.