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Meet new owners of historic Laxmi Nivas Bungalow sold for Rs 276 crore, closely related to Mukesh Ambani, they are...
Laxmi Nivas bungalow in Mumbai was sold for Rs 276 crore in a record-breaking deal, with ties to the Ambani family, marking a significant chapter in its historic legacy.
Updated : Mar 21, 2025, 06:38 PM IST
 "Laxmi Nivas Bungalow in Mumbai sold for record Rs 276 crore")
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One of Mumbai's most iconic heritage properties, the Laxmi Nivas bungalow, has been sold in a record-breaking real estate deal. Located in the prestigious Nepean Sea Road area, this historic mansion has been bought for an astounding Rs 276 crore, making it one of the most expensive residential transactions in the city. The deal also highlights the enduring appeal of Mumbai’s luxury real estate market.
Laxmi Nivas isn’t just valuable because of its prime location; it is steeped in history. Built-in 1904 by a Parsi family, the mansion was sold to the Kapadia family in 1917 for just Rs 1.20 lakh. While the property’s financial worth has skyrocketed over the years, its historical significance is far more important. During India’s struggle for independence, Laxmi Nivas served as a safe haven for several key freedom fighters, including Ram Manohar Lohia, Jaiprakash Narayan, and Aruna Asaf Ali. It also acted as a broadcasting center for Netaji Subhash Chandra Bose’s Azad Hind Radio, which played a vital role in spreading the message of India’s fight for independence.
The bungalow is located on Nepean Sea Road, an area that was once home to royal estates and high-ranking British officials. This adds to its historical value, blending colonial history with the country’s fight for freedom.
The sale of Laxmi Nivas was finalized on February 28, 2025. The transaction involved a stamp duty payment of Rs 16.56 crore, underlining the immense value of this property. Spanning nearly 20,000 square feet, the bungalow's price comes out to approximately Rs 1.38 lakh per square foot.
The new owners of Laxmi Nivas are Vageshwari Properties Private Limited, a company closely connected to the Ambani family. The company’s key stakeholders include Elina Nikhil Meswani, wife of Nikhil Meswani, an executive director at Reliance Industries. Nikhil Meswani is a prominent figure in the Ambani empire and plays a crucial role in Reliance’s operations, particularly in petrochemicals, refining, and sports investments.
With this sale, Laxmi Nivas is set to enter a new chapter. Whether the Meswanis will preserve its historical charm or redevelop the property is yet to be seen, but the mansion will always remain a symbol of Mumbai’s rich heritage and culture. This record deal highlights the continuing demand for heritage homes in South Mumbai, where properties with historical significance continue to attract high value.
