Mumbai's Heritage Gem: Juhu Bungalow Leela Hits the Market for Rs 250 Crore
A Grade IIB heritage-listed bungalow in Mumbai’s prestigious Juhu area has entered the city’s high-end real estate market with an asking price of Rs 250 crore. Named Leela, this property is a testament to the city’s rich architectural heritage and the ongoing demand for premium coastal real estate.
Constructed in the 1950s, Leela spans approximately 8,480 square feet on a 14,858-square-foot plot. The bungalow blends Art Deco influences with multi-level coastal living, offering six bedrooms, multiple living areas, a terrace of over 2,600 square feet, sea-facing balconies, and a lush garden. Additionally, it includes essential staff quarters and parking for four vehicles. The original design reflects its history as a joint family residence, accommodating three generations under one roof.
Market observers note that Grade IIB heritage properties occupy a unique niche in Mumbai’s real estate ecosystem. While such listings are protected for their historical and architectural value, redevelopment into vertical structures is permissible under specific conditions. This dual character—heritage preservation alongside development potential—makes properties like Leela highly sought after by high-net-worth individuals and private developers seeking premium coastal plots.
Leela’s prominence is further enhanced by its proximity to Juhu Beach and connectivity to Mumbai’s key entertainment and commercial zones, including Bandra, Andheri, and Goregaon. Local brokers indicate that property rates in the area range between Rs 60,000 and Rs 1,00,000 per square foot, positioning the bungalow among the city’s most valuable residential assets. Interest has already been reported from several developers and high-net-worth buyers, although no transaction has been finalized.
Mumbai’s heritage bungalow market has witnessed a series of notable transactions in recent years, reflecting the intersection of historical significance and investment potential. Comparable deals include Laxmi Nivas on Nepean Sea Road, sold for Rs 276 crore, and Dwarka Bungalow in Santacruz, which changed hands for Rs 164 crore. Experts say such properties appeal to buyers who value a combination of legacy, location, and redevelopment prospects, while also contributing to the preservation of the city’s architectural heritage.
Urban planners highlight that the preservation of heritage properties within Mumbai’s real estate landscape requires a careful balance between maintaining historical character and accommodating modern development. Grade IIB listings like Leela allow for redevelopment while retaining core architectural elements, offering a pathway for sustainable urban growth without erasing the city’s cultural memory.
As Mumbai’s luxury real estate market continues to mature, heritage properties on prime plots are expected to remain key indicators of market strength. For both developers and investors, acquisitions like Leela represent opportunities to capitalize on high-demand locations while engaging with the city’s unique architectural legacy.
