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 consideration of ₹221 crore. The transaction was formalized following the completion of stamp duty and registration procedures.
Main Body
The property, a ground-plus-one Art Deco structure built in the 1950s, occupies a 1,355 square metre plot with a built-up area of approximately 8,480.68 square feet. It includes a terrace of roughly 2,500 square feet and a garden spanning approximately 5,000 square feet. The bungalow features six bedrooms, two living rooms, two verandahs, a dining room, a kitchen, a staff room, and four car parking spaces. Its interior retains original Burma teak door frames, archways, wooden detailing, and a grand central Burma teak staircase. The seller was Gautam Nanavati, a member of the family associated with Nanavati Max Super Speciality Hospital. The buyer, Notandas Realty, is directed by the father-son duo Mahesh Notandas Jagwani and Harsh Mahesh Jagwani. Mahesh Jagwani also serves as a director of Notandas Jewellers, which operates a showroom in Bandra. The bungalow was first listed for sale in 2022 with an asking price of ₹210–220 crore, which was later revised to ₹250 crore earlier this year. International property consultant JLL India managed the transaction. The per-square-foot price based on the built-up area is approximately ₹2,60,592, which is lower than the ₹2.89 lakh per square foot transaction by banker Uday Kotak at Worli Sea Face. Calculated on the total plot area of 14,585 square feet, the price equates to approximately ₹1,51,525 per square foot. The property is classified as Grade IIB heritage, a designation that permits refurbishment and extensions provided the design remains harmonious with the original structure. Any development requires approval from the municipal commissioner in consultation with the Mumbai Heritage Conservation Committee. According to sources, several developers and high-net-worth individuals expressed interest, but the heritage status restricted full-scale redevelopment. One source noted that the bungalow cannot be immediately demolished for a high-rise tower; the purchaser may use it for personal purposes or, if the heritage status is revised at a later stage, consider launching a residential project. The Nanavati family’s legacy includes Sir Manilal Balabhai Nanavati, who served as 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 constructed as a joint family home for three generations.
Conclusion
The sale of the Leela bungalow represents one of the higher-value transactions in Mumbai''s real estate market for a property of its unique heritage and sea-facing characteristics. The acquisition by Notandas Realty concludes a process that attracted interest from multiple parties, with the final price falling within the initial asking range established in 2022.