Mumbai's ₹221 Crore Bungalow Deal: A Sea-Facing Heritage Property Sets New Real Estate Records
Mumbai's real estate market has seen a new high with the sale of a 70-year-old sea-facing bungalow on Juhu Tara Road. The property, known as the Leela Bungalow, has been sold for an astounding ₹221 crore. This luxury property, designed in the Art Deco style, has gained significant attention due to its prime location and heritage significance.
The Leela Bungalow, located on Juhu Tara Road, is a two-story structure that spans a plot of approximately 1,355 square meters. The built-up area of the bungalow is around 8,480.68 square feet, and it features a 2,500-square-foot terrace and a 5,000-square-foot garden. The deal translates to approximately ₹260,592 per square foot, highlighting the premium value of the property.
The bungalow has been granted Grade IIB heritage status, which means that any buyer is prohibited from making significant alterations to the structure. This heritage status adds to the property's appeal and value, as it preserves the historical and architectural integrity of the bungalow. The property belongs to the Gautam Nanavati family, who are well-known in Mumbai for their association with the Nanavati Max Super Speciality Hospital.
The sale of the Leela Bungalow was managed by JLL India, a leading real estate consultancy firm. According to reports, the bungalow was initially listed for sale in 2022 for approximately ₹210-220 crore. However, the asking price increased to approximately ₹250 crore earlier this year, reflecting the high demand and premium status of the property.
The bungalow was ultimately acquired by Notandas Realty, a company affiliated with the Notandas Jewellers Group. The deal was completed by Mahesh Notandas Jagwani, the director of the company, and his son, Harsh Mahesh Jagwani. Mahesh Jagwani is also a director of Notandas Jewellers, a business that was founded in 1983 by Kishan Jagwani of the Notandas family. The acquisition of the bungalow required a significant investment in stamp duty and registration, further emphasizing the high value of the property.
The sale of the Leela Bungalow is a testament to the enduring appeal of heritage properties in Mumbai's real estate market. Despite the high price, the bungalow's unique features, prime location, and heritage status have made it an attractive investment for developers and investors alike. As Mumbai continues to grow and evolve, properties like the Leela Bungalow remain a symbol of the city's rich history and architectural legacy.
