Mumbai's Iconic Art Deco Bungalow 'Leela' Sells for a Record ₹221 Crore
A stunning sea-facing, heritage 6BHK Art Deco bungalow, called Leela in Mumbai's Juhu, has been sold to Notandas Realty, an arm of the Mahesh Notandass Jewellers Group, for a whopping ₹221 crore. This deal is now being hailed as a record in the ultra-luxury real estate market.
The bungalow, located on Juhu Tara Road near the popular Juhu Beach, belonged to the Nanavati family, who are the promoters of Nanavati Hospital in Vile Parle, Mumbai. Built in the 1950s in the Art Deco architectural style, the property has a built-up area of approximately 8,480 sq ft.
Listed as a Grade IIB heritage property, the bungalow is recognized for its local architectural and historical importance. It was originally put up for sale at an asking price of ₹250 crore. However, due to its heritage tag, the bungalow cannot be immediately demolished for the construction of a high-rise tower. The purchaser may use it for personal purposes, and at a later stage, if the heritage status is revised, they may consider launching a residential project.
The bungalow is a ground-plus-two-storey luxury residence built on a 14,858-sq-ft plot. It features six bedrooms, a dining room, two living rooms, two verandahs, a sea-facing garden, sea-facing balconies, a staff room, four car-parking spaces, and a terrace measuring approximately 2,653 sq ft.
The ground floor of the bungalow includes a sitting area, living room, two bedrooms, a dining room, and a kitchen with storage. The first floor has a sitting area, one living room, four bedrooms, four washrooms, and two balconies. The second floor features a terrace spanning 2,653 sq ft, offering a breathtaking sea view.
Multiple high-net-worth individuals (HNIs) and developers expressed interest in the property. However, the deal was finalized with Notandas Realty on April 22, 2026, and was facilitated by international property consultant JLL India.
The bungalow was named after Leela Nanavati, the daughter of Sir Manilal Balabhai Nanavati, who served as Deputy Governor of the Reserve Bank of India between 1936 and 1941. It was conceived as a three-generation joint family residence, with multiple family members living under one roof for decades.
This landmark sale underscores the growing interest in heritage properties and the premium value they command in Mumbai's ultra-luxury real estate market. The deal not only highlights the historical significance of such properties but also sets a new benchmark for future transactions in the region.
