Malabar Hill bungalow linked to freedom movement sold for Rs 276 crore

The property was sold on February 28 to Vageshwari Properties by the Kapadia family

The Mumbai-based Kapadia family has sold its Laxmi Nivas bungalow, situated on the Nepean Sea Road at Malabar Hill for Rs 276 crore to an entity named Vageshwari Properties Pvt Ltd, documents accessed by real estate data intelligence firm Zapkey showed.

The agreement has listed out 15 sellers from the Kapadia family, who, as per locals, had been legacy residents of the area but have now fanned out to others parts of south Mumbai. The sellers include Upendra Kapadia, Dilip Kapadia, Atul Kapadia, and others. According to the transaction document, the deal was registered on February 28.

The bungalow was built in 1904, but was sold to the Kapadia family in 1917, which retained possession of the property till now. The bungalow is spread over 1,857 square metres of land with a total built up area of 19,892 square feet.

The property has a storied history linked to the independence movement, with the building hosting freedom fighters and leaders of the Indian National Congress such as Jawaharlal Nehru, Aruna Asaf Ali, Ram Manohar Lohia, and others. The property also served as a safehouse for some leaders during the Quit India Movement. Subhas Chandra Bose's Azad Hind Radio was also broadcast from Laxmi Nivas.

Moneycontrol has written to Vageshwari Properties for comment on the transaction, and the story will be updated if and when the responses are received.

Malabar Hill has continued to be a sought-after address for developers as well as high net-worth individuals, with a number of marquee property deals as well as redevelopment agreements. The most significant transaction in the area was in 2021, when supermarket chain DMart's founder Radhakishan Damani purchased a bungalow worth Rs 1,001 crore.

In January, fantasy sports firm Dream11's co-founder Harsh Jain bought a luxury apartment in the area for Rs 138 crore, while earlier this month, K Raheja Homes won the right to redevelop the Pleasant Palace housing society in Malabar Hill, which has a development potential of around 3 lakh square feet.