Another major deal has taken place in Mumbai, the financial capital of the country, which is known for high-value transactions in the real estate sector. The iconic heritage property, Lakshmi Niwas Bungalow, was sold for Rs 276 crores. Located on the elite Nepean Sea Road, this building served as a secret headquarters for freedom fighters during the Quit India Movement in the 1940s. The 19,891 square feet heritage bungalow was sold by the Kapadia family to Vagheswari Properties Private Limited. Nikhil R. Meswani, an executive director on the board of Reliance Industries Limited, and his wife Elina Nikhil Meswani, is one of the directors of this company. Along with Upendra Trikandas Kapadia and 15 others, they sold the building to Nageshwari Properties Private Limited.
The bungalow is situated on a 2,221 square yard plot of land and has a ground floor plus two additional stories. Between 1942 and 1945, this house functioned as a secret base for the leaders of the Quit India Movement. Facing the sea, the bungalow housed prominent figures of that era, including Ram Manohar Lohia, Jai Prakash Narayan, Achyut Patwardhan, and Aruna Asaf Ali. During this time, it also served as the broadcasting center for Netaji Subhash Chandra Bose’s Azad Hind Radio. The Kapadia family purchased the three-story bungalow from a Parsi family for nearly Rs 1.20 lakh in 1917. Currently, the land has a development potential covering nearly 45,000 square feet of built-up area.
