New Delhi: Leela Bungalow, a premium sea-facing property in Mumbai’s upscale Juhu was sold for Rs 221 crore. The Art-Deco structure located on Juhu Tara Road, had been categorised as a Grade IIB structure under the heritage list and had attracted considerable interest from businessmen and developers ever since being listed for sale.
Who are the new owners of Leela Bungalow?
The Bungalow formerly owned by Gautam Nanavati, from the family which owns the Nanavati Max Super Speciality Hospital, now belongs to Notandas Realty. The new owners are associated with the Notandas Jewellers group. A report in Hindustan Times said that the transaction was finalised on Wednesday, following completion of stamp duty and registration.
The buyers are father-son duo Mahesh Notandas Jagwani and Harsh Mahesh Jagwani. They are directors at Notandas Realty. Apart from serving on the board of the Notandas Realty, Mahesh Jagwani is also a director at the family’s jewellery wing, Notandas Jewellers. The jewellery store has a showroom in Bandra.
The jewellers group was founded by Kishin Jagwani in 1983. It is headquartered at Waterfield Road in Bandra, Mumbai, said a report in moneycontrol.com.
All about Leela Bungalow
The Leela Bungalow is a ground +1 structure built on a 1,355 sq metre plot. The total built-up area of the bungalow is 8,480.68 sq ft. It has a 2,500 square feet terrace and a garden area of 5,000 square feet. So calculating the deal based on built-up area, it comes to Rs 2,60,592 per sq ft. If calculated based on the plot area of the entire property, the price per square feet comes to Rs 1,51,525.
According to news reports international property consultant, JLL India managed the entire transaction, However the company refused to comment on the deal. They refused to either confirm or deny their involvement in the process.
The property was first listed for sale in 2022. At the time, the asking price was Rs 210-220 crore. Earlier this year, the price was revised to Rs 250 crore. According to the HT report, 3 of the 5 families interested in buying the Bungalow were Mumbai-based.
The heritage classification of the property does not allow anyone to fully redevelop the structure. No full-scale redevelopment is possible at the Leela Bungalow. However minor refurbishment and extensions are possible. However the design should not be changed and all heritage elements should be preserved, say rules. The redevelopment of heritage properties can only be carried out after proper permission from the Mumbai municipal commissioner, who works on the advice of Mumbai Heritage Conservation Committee on such matters.