₹276-Crore Freedom Fighter Hideout Acquired by Vageshwari Properties
Vageshwari Properties Pvt Ltd has acquired the historic Laxmi Nivas bungalow on Mumbai’s Nepean Sea Road for ₹276 crore, marking one of the city’s most expensive property transactions. This heritage building, originally built in 1917, served as a secret hideout for freedom fighters during the Quit India Movement (1942–1945).
Historical Roots of Laxmi Nivas
The three-storied bungalow was an underground hub for prominent figures like Ram Manohar Lohia, Jaiprakash Narayan, and Aruna Asaf Ali. It also functioned as the clandestine broadcasting center for Netaji Subhash Chandra Bose’s Azad Hind Radio, cementing its legacy in India’s independence struggle.
A Prime Asset with Redevelopment Potential
- Property Specifications: Spanning 2,221 square yards (≈19,891.87 sq ft of built-up area), the site offers redevelopment potential of ≈45,000 sq ft.
- Strategic Location: Located on Nepean Sea Road, a hub of Mumbai’s elite residences, the land parcel combines sea views with proximity to business districts.
The Buyers and the Reliance Connection
Vageshwari Properties, led by Elina Nikhil Meswani (wife of Reliance Industries executive director Nikhil R. Meswani), acquired the property via a transfer deed registered on February 28, 2025. The deal involved 15 sellers, including Upendra Trikamdas Kapadia of the original owning family.
Context in Mumbai’s Luxury Market Trends
This transaction aligns with Mumbai’s sustained demand for premium properties post-pandemic:
- Other Notable Deals: Uday Kotak’s ₹202-crore sea-facing apartments purchase and Radhakrishna Damani’s ₹1,238-crore Worli acquisition (2023).
- Market Drivers: Posh addresses like Malabar Hill command top dollar due to scarcity, landmark status, and the appeal of heritage properties with redevelopment scope.
With Laxmi Nivas’s sale, Mumbai reaffirms its position as a hub for ultra-luxury real estate investments, blending historical prestige with modern market dynamics.