One of Mumbai’s most iconic heritage properties, Laxmi Nivas bungalow, has been sold in a record-breaking real estate deal worth ₹276 crore. Located in the upscale Nepean Sea Road, this historic mansion is not just an architectural marvel but also a site of deep historical importance. Once a sanctuary for freedom fighters during India’s independence movement, the bungalow now finds new owners with a significant connection to Mukesh Ambani, India’s richest man.
A Home with a Rich History
Built in 1904 by a Parsi family, Laxmi Nivas later came under the ownership of the Kapadia family in 1917 for just ₹1.20 lakh. Over the years, its significance has gone beyond real estate value. Between 1942 and 1945, during India’s independence struggle, the bungalow became a safe house for prominent freedom fighters like Ram Manohar Lohia, Jaiprakash Narayan, Achyut Patwardhan, and Aruna Asaf Ali. Additionally, it served as a broadcasting center for Netaji Subhash Chandra Bose’s Azad Hind Radio, playing a crucial role in spreading the message of resistance. Nepean Sea Road, where the mansion stands, was once home to royal estates and British officials, making Laxmi Nivas a symbol of both colonial history and India’s fight for freedom.
Inside the Record-Breaking Deal
The sale of Laxmi Nivas was finalized on February 28, 2025, according to real estate records. The transaction included a stamp duty payment of ₹16.56 crore, further highlighting the scale of this high-value deal. The mansion spans 19,891 square feet, making it one of South Mumbai’s largest heritage homes. The sale price translates to ₹1.38 lakh per square foot, reinforcing the city’s reputation for sky-high real estate prices. The bungalow features a ground floor, two upper floors, and an additional structure at the rear, making it a sprawling estate in one of Mumbai’s most prestigious locations.
Ambani Connection: Who Bought Laxmi Nivas?
The new owner of Laxmi Nivas is Vageshwari Properties Private Limited, a company closely linked to the Ambani family. The firm is connected to Elina Nikhil Meswani, the wife of Nikhil Meswani, a senior executive at Reliance Industries and a key figure in Mukesh Ambani’s business empire. This purchase strengthens the long-standing ties between the Meswani family and the Ambanis, making it not just a real estate transaction but a strategic investment by those within the Reliance network.
Who is Nikhil Meswani?
Nikhil Meswani, a senior director at Reliance Industries, has been with the company since 1986 and has played a crucial role in its operations. He has been a director since 1988, overseeing key business sectors such as petrochemicals, refining, and sports investments. Beyond his corporate leadership, Meswani has deep personal ties to the Ambani family. His father, Rasiklal Meswani, was one of the founding directors of Reliance Industries and an early mentor to Mukesh Ambani. His younger brother, Hital Meswani, also holds a senior position at Reliance and has been on the company’s board since 1995. Together, the Meswani brothers are among the highest-paid executives at Reliance, earning around ₹25 crore annually.
What’s Next for Laxmi Nivas?
The future of Laxmi Nivas remains uncertain under its new ownership. While it is unclear whether the Meswanis will preserve its heritage charm or redevelop the prime property, its historical significance ensures that it will always be an integral part of Mumbai’s architectural and cultural identity. The sale of Laxmi Nivas highlights the enduring value of South Mumbai’s heritage properties, which continue to command record-breaking prices. With its legacy as a key site in India’s freedom struggle and now its connection to one of India’s most powerful business families, Laxmi Nivas stands as a landmark that bridges Mumbai’s past, present, and future.
