Historic Bungalow at Malabar Hill Sold for Rs 276 Crore

Vageshwari Properties Pvt Ltd acquired the historic Laxmi Nivas bungalow at Malabar Hill, Mumbai, for Rs 276 crore. Previously a freedom fighters' hideout, the property spans over 19,891.87 square feet. The deal involved 15 sellers and was recorded last month amid rising big-ticket real estate transactions in the city.

Vageshwari Properties Pvt Ltd has purchased a significant piece of Mumbai's history with the acquisition of the Laxmi Nivas bungalow at Malabar Hill for an impressive Rs 276 crore. The once-secret haven for freedom fighters during the Quit India movement has now transitioned into a lucrative real estate investment.

The deal, first reported by real estate data analytics firm Zapkey, involved 15 sellers including Upendra Trikamdas Kapadia. Registered last month, the transaction illustrates the ongoing surge of major property deals in Mumbai since the Covid pandemic began.

Laxmi Nivas, located on Nepeansea Road, sits on a sizeable land and building area of 2,221 square yards or equivalent to about 19,891.87 square feet in built-up space, marking it as a valuable asset in one of Mumbai's most sought-after neighborhoods.

(With inputs from agencies.)