Mumbai's Golden Deal: 70-Year-Old Juhu Bungalow Sells for ₹221 Crore
A luxury property has once again made 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 a staggering ₹221 crore due to its prime location and heritage significance. Several major builders have shown keen interest in purchasing it, making it a hot topic in the property market.
The Leela Bungalow, situated on Juhu Tara Road, is a 70-year-old property designed in the Art Deco style. It has been granted Grade IIB heritage status, which means any buyer is restricted from making significant changes to the structure. 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 located on a plot measuring approximately 1,355 square meters, with a built-up area of about 8,480.68 square feet. It also includes a 2,500-square-foot terrace and a garden of around 5,000 square feet. Based on the built-up area, the deal comes to approximately ₹260,592 per square foot, highlighting the premium value of this historic property.
The deal was managed by JLL India. Initially, the bungalow was listed for sale in 2022 for approximately ₹210-220 crore (around $2.1 to $2.2 billion). However, its price increased to approximately ₹250 crore (around $2.5 billion) earlier this year, reflecting the high demand and value in the luxury real estate market.
The 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 acquisition 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 the Leela Bungalow not only sets a new benchmark in the real estate market but also underscores the enduring appeal of heritage properties in Mumbai. The combination of its prime location, historical significance, and architectural beauty makes this bungalow a unique and valuable asset in the city's luxury property landscape.
