Mumbai: A prime sea-facing heritage property in the western suburbs has changed hands, with the iconic Leela Bungalow on Juhu Tara Road fetching Rs 221 crore in a high-value transaction that underscores continued demand for rare standalone properties in the city.
Seven-decade-old Art Deco structure with Grade IIB status
The nearly seven-decade-old Art Deco structure, located in Juhu, holds Grade IIB heritage status and had drawn considerable interest from developers and high-net-worth individuals after being put on the market. The property was owned by Gautam Nanavati, whose family is associated with Nanavati Max Super Speciality Hospital.
The bungalow has been acquired by Notandas Realty, part of the Mahesh Notandass Jewellers group. The deal was registered earlier this week after completion of stamp duty formalities. The buyers are father-son duo Mahesh Notandas Jagwani and Harsh Mahesh Jagwani, who serve as directors of the realty firm.
1,355 sq m plot with garden and terrace
Spread across a 1,355 sq metre plot, the ground-plus-one bungalow has a built-up area of about 8,480 sq ft. The property also includes a 2,500 sq ft terrace and a 5,000 sq ft garden.
Real estate experts say such legacy properties, particularly along the Juhu coastline, remain tightly held and command strong investor interest despite regulatory constraints linked to heritage status.
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