Vageshwari Properties buys South Mumbai's Laxmi Nivas for Rs 276 crore

Mumbai: Vageshwari Properties, an entity that counts Reliance Industries' board member and executive director Nikhil Meswani's wife Elina as a director, has acquired Laxmi Nivas, an iconic bungalow located on south Mumbai's plush Nepean Sea Road, for over ₹276 crore.

The over 120-year-old sea-view property situated diagonally opposite the Russian consulate has a total built up area of nearly 19,892 sq ft spanning across ground plus two upper floors. The sellers had acquired the bungalow spread over around half-an-acre from a Parsi family for about ₹1.2 lakh in 1917.

The bungalow, built in 1904, holds significant historical importance, having served as a safe house for prominent freedom fighters during the 1940s Quit India movement. Notable figures such as Ram Manohar Lohia, Jayaprakash Narayan, Achyut Patwardhan and Aruna Asaf Ali sought refuge here. It also functioned as a broadcasting centre for Netaji Subhash Chandra Bose's Azad Hind Radio during this period.


Vageshwari Properties has acquired the bungalow from 15 members of the seller's family. It has paid a stamp duty worth ₹16.56 crore for the registration that took was concluded on February 28, showed documents accessed through Zapkey.com.