Mumbai's Luxury Bungalow Market: 4 High-Value Deals Worth Over ₹864 Crore
Mumbai's real estate market is often associated with tiny apartments and towering high-rises, but the city has recently witnessed a surge in luxury bungalow deals. In the last two years, at least four bungalows have been sold for a combined total of over ₹864 crore. These transactions highlight the enduring appeal of premium properties in one of India's most bustling urban centers.
The latest and perhaps most notable deal is the sale of a rare sea-facing, heritage 6BHK bungalow named Leela in Mumbai’s Juhu. This property, owned by the Nanavati family, was sold for ₹221 crore to Notandas Realty, an arm of the Mahesh Notandass Jewellers Group. According to property registration documents reviewed by Hindustan Times Real Estate, the bungalow is listed as a Grade IIB heritage property and is situated on Juhu Tara Road near the iconic Juhu Beach.
Built in the 1950s, the Leela bungalow was sold through a competitive bidding process. The bungalow stands on a 1,355 sq metre plot with a built-up area of around 8,480.68 sq ft. It includes a terrace of approximately 2,500 sq ft and a garden spanning about 5,000 sq ft. Based on the built-up area, the deal translates to roughly ₹2,60,592 per sq ft, which is lower than Uday Kotak’s ₹2.89 lakh per sq ft transaction at Worli Sea Face. Calculated on the total plot area of 14,585 sq ft, the price works out to about ₹1,51,525 per sq ft, according to brokers.
Another significant deal in the luxury bungalow market is the sale of Mumbai’s iconic Laxmi Nivas bungalow located on the elite Nepean Sea Road. This bungalow, which served as a secret hideout for freedom fighters during the Quit India Movement in the 1940s, was sold for ₹276 crore in February 2025. The property, owned by the Kapadia family, was acquired by Vageshwari Properties Private Limited, one of whose directors is Elina Nikhil Meswani, wife of Nikhil R Meswani, executive director on the board of Reliance Industries Limited. The bungalow, which spans 19,891.87 sq ft, is one of the most expensive real estate deals in the Mumbai market.
A third notable transaction is the sale of the Dwarka Bungalow in Santacruz. A subsidiary of luxury real estate developer ZYJ Builders and Developers acquired the bungalow for ₹164 crore. The property, situated on Linking Road in Santacruz West, spans 1,266.7 sq m (about 13,629 sq ft) and includes a ground-plus-one structure, along with a garage and auxiliary sheds. The company paid a stamp duty of ₹9.8 crore for purchasing the bungalow in November 2025. The buyer, ZYJ Estates LLP, is associated with Zafar Yunus Zaveri, who is linked to a luxury-focused real estate company involved in high-end residential development in Mumbai. ZYJ Developers is currently executing a project, Sequoia, on 16th Road, Santacruz West.
The fourth high-value bungalow deal is the purchase of Niladri Bungalow in Nepean Sea Road. Ajaykumar Vaghani, founder chairman of Hamilton Housewares Private Limited (which owns the 'Milton' brand and is a leading manufacturer and marketer of houseware products in India), bought the bungalow for ₹203 crore in March 2025. The property, which includes a land area of 1,911 sq mtrs and a ground-plus-two bungalow of 18,844 sq ft, was purchased from United Spirits. A stamp duty of ₹12.23 crore was paid for the acquisition.
These transactions underscore the robust demand for luxury real estate in Mumbai, particularly for properties with historical and architectural significance. Despite the city's reputation for high-rise living, the market for premium bungalows continues to thrive, attracting both local and international investors.
