Mumbai's Luxury Real Estate Market Sees Significant Growth
The Mumbai real estate market, known for its high-rise buildings and compact apartments, has witnessed a surge in bungalow deals worth over ₹864 crore in the past two years.
Recent Transactions
- A rare sea-facing, heritage 6BHK Art Deco bungalow named Leela in Mumbai's Juhu was sold for ₹221 crore to Notandas Realty, an arm of the Mahesh Notandass Jewellers Group, on April 22, 2026.
- The Kapadia family sold their 19,891 sq ft bungalow to Vageshwari Properties Private Limited for a significant amount, with one of its directors being Elina Nikhil Meswani, wife of Nikhil R Meswani, executive director on the board of Reliance Industries Limited.
- ZYJ Estates LLP acquired the Dwarka Bungalow, situated on Linking Road, Santacruz West, through partner Zafar Yunus Zaveri for ₹276 crore.
Mumbai's Luxury Bungalows
Here's a look at some of the recent luxury bungalow deals in Mumbai:
- Leela Bungalow: A sea-facing, heritage 6BHK Art Deco bungalow sold for ₹221 crore.
- Dwarka Bungalow: A ground-plus-one structure with a built-up area of approximately 19,891.87 sq. ft, sold for ₹276 crore.
Details of the Properties
- Leela Bungalow: Located on Juhu Tara Road, the property stands on a 1,355 sq metre plot with a built-up area of around 8,480.68 sq ft.
- Dwarka Bungalow: Situated on Linking Road, Santacruz West, the estate comprises a ground-plus-one structure, along with a garage and auxiliary sheds, spanning over 13,629 sq ft.
Recent Purchases
Here's a look at some recent purchases in Mumbai's luxury real estate market:
- Vageshwari Properties Private Limited: Acquired the Kapadia family's 19,891 sq ft bungalow for a significant amount.
- ZYJ Estates LLP: Purchased the Dwarka Bungalow through partner Zafar Yunus Zaveri for ₹276 crore.
Stamp Duty Paid
The companies that acquired these luxury bungalows paid a significant amount in stamp duty:
- Vageshwari Properties Private Limited: Paid ₹9.8 crore as stamp duty for purchasing the Dwarka Bungalow.
- ZYJ Estates LLP: Paid ₹12.23 crore as stamp duty for purchasing the Kapadia family's 19,891 sq ft bungalow.
Recent Sales
Here's a look at some recent sales in Mumbai's luxury real estate market:
- Notandas Realty: Acquired the Leela Bungalow for ₹221 crore.
- United Spirits: Sold the Kapadia family's 19,891 sq ft bungalow to Vageshwari Properties Private Limited.