Heritage-Listed Juhu Bungalow ''Leela'' Sold to Notandas Realty for ₹221 Crore
Introduction
A Grade IIB heritage bungalow named ''Leela'', located on Juhu Tara Road in Mumbai and owned by the Nanavati family, has been acquired by Notandas Realty, a subsidiary of the Notandas Jewellers group, for a total price of ₹221 crore. The transaction was completed after the stamp duty and registration procedures were finished.
Main Body
The property is a ground-plus-one Art Deco structure built in the 1950s. It sits on a 1,355 square metre plot with a built-up area of about 8,480.68 square feet. The bungalow includes a terrace of roughly 2,500 square feet and a garden of about 5,000 square feet. Inside, there are six bedrooms, two living rooms, two verandahs, a dining room, a kitchen, a staff room, and parking for four cars. The interior still has original Burma teak door frames, archways, wooden details, and a large central Burma teak staircase. The seller was Gautam Nanavati, a member of the family linked to Nanavati Max Super Speciality Hospital. The buyer, Notandas Realty, is run by the father-son team Mahesh Notandas Jagwani and Harsh Mahesh Jagwani. Mahesh Jagwani is also a director of Notandas Jewellers, which has a showroom in Bandra. The bungalow was first put up for sale in 2022 with an asking price of ₹210–220 crore, which was later increased to ₹250 crore earlier this year. International property consultant JLL India managed the deal. The price per square foot based on the built-up area is about ₹2,60,592. This is lower than the ₹2.89 lakh per square foot paid by banker Uday Kotak for a property at Worli Sea Face. When calculated on the total plot area of 14,585 square feet, the price equals about ₹1,51,525 per square foot. The property is classified as Grade IIB heritage. This status allows repairs and extensions as long as the design matches the original building. Any development needs approval from the municipal commissioner, who must consult the Mumbai Heritage Conservation Committee. According to sources, several developers and wealthy individuals showed interest, but the heritage status prevented full redevelopment. One source noted that the bungalow cannot be immediately torn down to build a high-rise tower. The buyer may use it for personal purposes or, if the heritage status is changed later, consider starting a residential project. The Nanavati family''s history includes Sir Manilal Balabhai Nanavati, who was Deputy Governor of the Reserve Bank of India from 1936 to 1941 and was knighted by King George VI. His eldest son, Ratilal Nanavati, founded Nanavati Hospital in 1950. The bungalow was named after Sir Manilal''s daughter and was originally built as a joint family home for three generations.
Conclusion
The sale of the Leela bungalow is one of the higher-value transactions in Mumbai''s real estate market for a property with its unique heritage and sea-facing features. The purchase by Notandas Realty ends a process that attracted interest from several parties, with the final price falling within the initial asking range set in 2022.