Mumbai Heritage Property Sale: A 70-year-old sea-facing bungalow on Juhu Tara Road in Mumbai has sold for ₹221 crore. Several prominent buyers have expressed interest in this heritage-listed property.

70-year-old Juhu bungalow sold for Rs 221 crore

Mumbai Bungalow Deal: A luxury property is once again making headlines in Mumbai's real estate market. Located on Juhu Tara Road, this sea-facing bungalow is nearly 70 years old. However, due to its prime location and heritage significance, it has been priced at ₹221 crore. Interestingly, despite this high price, several major builders have expressed interest in purchasing it, making it a hot topic in the property market.

The bungalow has been granted heritage status.

The Leela Bungalow, located on Juhu Tara Road, is approximately 70 years old and designed in the Art Deco style. The property has Grade IIB heritage status, which prevents any buyer from making significant changes. According to a report in the Hindustan Times, the bungalow belongs to the Gautam Nanavati family, who are associated with Mumbai's Nanavati Max Super Speciality Hospital.

Specialties of the bungalow

This two-story bungalow is located on a plot measuring approximately 1,355 square meters, with a built-up area of ​​approximately 8,480.68 square feet. It also includes a 2,500-square-foot terrace and a garden of approximately 5,000 square feet. Based on the built-up area, the deal comes to approximately ₹260,592 per square foot.

The price had already been high

The deal was managed by JLL India. According to reports, the bungalow was initially listed for sale in 2022 for approximately ₹210-220 crore (approximately $2.1 billion to $2.2 billion). Subsequently, its price increased to approximately ₹250 crore (approximately $2.5 billion) earlier this year.

Who bet on the bungalow?

This sea-facing bungalow in Mumbai was acquired by Notandas Realty, a company affiliated with the Notandas Jewellers Group. A significant amount of money was also spent on stamp duty and registration in this deal.

The deal was completed jointly by company director Mahesh Notandas Jagwani and his son, Harsh Mahesh Jagwani. Mahesh Jagwani is also a director of Notandas Jewellers and runs its showroom in Bandra. This business was founded in 1983 by Kishan Jagwani of the Notandas family.