Heritage Gem: Juhu's Leela Bungalow on Sale for ₹250 Crore

MUMBAI: A nearly seven-decade-old sea-facing heritage bungalow in Juhu has been put up for sale at an asking price of around ₹250 crore. The property, owned by Gautam Nanavati of the family associated with Nanavati Max Super Speciality Hospital, is located on Juhu Tara Road and is among the rare large-format bungalows left in the coastal suburb.

Spread over a 1,355 sq metre plot, the property, known as Leela Bungalow, has a built-up area of around 8,500 sq ft. The ground-plus-one structure is classified as a Grade IIB heritage building, a status that allows refurbishment while mandating the preservation of its architectural and cultural character.

“Under this heritage classification, one can refurbish the home by keeping all heritage elements intact. It does not permit mindless redevelopment the way most properties otherwise undergo,” said a real estate market source, adding that JLL India has been appointed to manage the transaction.

Mumbai has 289 structures classified under the Grade IIB heritage category. Buildings in this bracket are recognised for their local architectural or cultural significance. As per civic regulations, development permission for such properties may be granted by the municipal commissioner after consultation with the Mumbai Heritage Conservation Committee. Any additional development must be in harmony with the existing heritage structure and carried out on the same plot.

The bungalow was put on the market in mid-December and has already begun attracting interest from both developers and high-net-worth business families. Confirming the sale, Gautam Nanavati said the property is a six-bedroom residence with sea-facing balconies.

Leela Bungalow features two living rooms, six bedrooms, sea-facing balconies, a dining room, two verandahs, a terrace, and staff quarters. While a handful of developers have reportedly shown interest, sources said the heritage tag may prompt them to either retain the property for personal use or hold it as a land bank, pending any future changes to development regulations.

On the other hand, Hindustan Times has learnt that at least five business families are keen on acquiring the bungalow, citing the scarcity of large, sea-facing properties in the Juhu belt. Of these, three are Mumbai-based families, while two are from outside Maharashtra.

With the deal yet to be finalised, market watchers said more potential buyers could enter the fray in the coming weeks.