A 70-Year-Old Sea-Facing Bungalow Sells for ₹221 Crore in Mumbai
A luxury property is once again making headlines in Mumbai's real estate market. Located on Juhu Tara Road, this sea-facing bungalow is nearly 70 years old. Despite its age, the property has been priced at ₹221 crore, making it a hot topic in the property market.
The bungalow, known as Leela Bungalow, is designed in the Art Deco style and has been granted Grade IIB heritage status. This status prevents any buyer from making significant changes to the property, ensuring its preservation. According to a report in the Hindustan Times, the bungalow belongs to the Gautam Nanavati family, who are associated with Mumbai's Nanavati Max Super Speciality Hospital.
This two-story bungalow is situated on a plot measuring approximately 1,355 square meters, with a built-up area of approximately 8,480.68 square feet. It also includes a 2,500-square-foot terrace and a garden of approximately 5,000 square feet. Based on the built-up area, the deal comes to approximately ₹260,592 per square foot.
The deal was managed by JLL India. According to reports, the bungalow was initially listed for sale in 2022 for approximately ₹210-220 crore (approximately $2.1 billion to $2.2 billion). Subsequently, its price increased to approximately ₹250 crore (approximately $2.5 billion) earlier this year.
This sea-facing bungalow in Mumbai was acquired by Notandas Realty, a company affiliated with the Notandas Jewellers Group. A significant amount of money was also spent on stamp duty and registration in this deal. The deal was completed jointly by company director Mahesh Notandas Jagwani and his son, Harsh Mahesh Jagwani. Mahesh Jagwani is also a director of Notandas Jewellers and runs its showroom in Bandra. This business was founded in 1983 by Kishan Jagwani of the Notandas family.
The sale of Leela Bungalow is a testament to the enduring value of heritage properties in Mumbai's real estate market. Its prime location, coupled with its historical and architectural significance, has made it a highly sought-after property, attracting interest from major builders and investors.
