Record-Breaking Deal: Mumbai's Leela Bungalow Sold for ₹221 Crore
A stunning sea-facing, 6BHK Art Deco bungalow, Leela, located on Juhu Tara Road in Mumbai, has been sold to Notandas Realty for a record-breaking ₹221 crore. The property was listed as a Grade IIB heritage property and was owned by the Nanavati family, promoters of Nanavati Hospital in Vile Parle.
Key Features of the Bungalow
- Located on Juhu Tara Road near Juhu Beach, a popular tourist hotspot in Mumbai
- Stunning sea-facing property with a built-up area of approximately 8,480 sq ft
- 6BHK Art Deco bungalow built in the 1950s with a plot size of 14,858 sq ft
- Features six bedrooms, a dining room, two living rooms, two verandahs, a sea-facing garden, and a terrace measuring approximately 2,653 sq ft
- Grade IIB heritage property, denoting a structure of local architectural and historical importance
History of the Bungalow
The construction of the bungalow was completed in the 1950s, and it was built as a three-generation joint family residence for the Nanavati family. The property was named after Leela Nanavati, the daughter of Sir Manilal Balabhai Nanavati, who served as Deputy Governor of the Reserve Bank of India between 1936 and 1941.
Why This Deal is a Record-Breaker
The sale of the Leela bungalow for ₹221 crore is being considered a record deal in Mumbai's real estate market. The property was put up for sale at an asking price of ₹250 crore, and multiple high-net-worth individuals and developers expressed interest in the property. However, the deal was finalized with Notandas Realty, an arm of the Mahesh Notandass Jewellers Group, on April 22, 2026.
What's Next for the Bungalow
Due to its heritage tag, the bungalow cannot be immediately demolished for the construction of a high-rise tower. However, reports suggest that the purchaser may use it for personal purposes. At a later stage, if the heritage status is revised, they may consider launching a residential project.
Facilitation by JLL India
The deal was facilitated by international property consultant JLL India, which played a key role in finalizing the sale of the property.
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