Old House in Mumbai Sells for a Lot of Money
Old House in Mumbai Sells for a Lot of Money
Introduction
A big old house in Mumbai is sold. The house is called "Leela". It is on Juhu Tara Road. The Nanavati family owned the house. Now, a company called Notandas Realty bought it. The price was 221 crore rupees.
Main Body
The house is very old. It was built in the 1950s. It has two floors. It has six bedrooms. It also has two living rooms, two verandahs, a dining room, a kitchen, a staff room, and parking for four cars. The house has a garden and a terrace. The inside of the house has old wood doors and stairs. The seller was Gautam Nanavati. His family owns a big hospital. The buyer is a company. Two men run the company. Their names are Mahesh Notandas Jagwani and Harsh Mahesh Jagwani. The house is a special heritage house. This means you cannot change it very much. You cannot break it down to build a tall building. You can only fix it or add a little to it. You need permission from the city to do that. Many people wanted to buy the house. But the heritage rules stopped them from building something new. The Nanavati family is famous. One man from the family worked for the bank of India. Another man started a hospital. The house was a home for three generations of the family.
Conclusion
This was a big sale for a house in Mumbai. The house is special because it is old and near the sea. The company Notandas Realty bought it. The price was close to what the family first asked for in 2022.
Vocabulary Learning
Sentence Learning
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.
Vocabulary Learning
Sentence Learning
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.