Despite its age, the bungalow’s heritage value has driven strong interest among multiple builders since it was listed for sale. The property, designed in the Art Deco style, holds an IIB grade heritage status, restricting extensive structural modifications for its future owner. According to a report by Hindustan Times, the bungalow belonged to the Nanavati family, which also owns the Nanavati Max Super Speciality Hospital.
The sea-facing bungalow has now been acquired by Notandas Realty, a part of the Notandas Jewellers Group. The transaction included payment of substantial stamp duty and registration fees. The purchase was executed jointly by the company’s directors, father-son duo Mahesh Notandas Jagwani and Harsh Mahesh Jagwani. Mahesh Jagwani also serves as a director at Notandas Jewellers, which operates a showroom in Bandra. The jewellery business was originally established in 1983 by Kishin Jagwani.
The two-storey bungalow spans a plot area of approximately 1,355 square meters, with a built-up area of about 8,480.68 square feet. It also includes a 2,500 square feet terrace and a 5,000 square feet garden. Based on the built-up area, the deal translates to ₹2,60,592 per square foot. In comparison, banker Uday Kotak had earlier purchased a sea-facing bungalow in Worli at a rate of ₹2.89 lakh per square foot. However, when calculated on the total plot area of 14,585 square feet, the Leela Bungalow transaction stands at ₹1,51,525 per square foot.
The deal was managed by property advisory firm JLL India. The bungalow was first listed for sale in 2022 at a price range of ₹210 to ₹220 crore. By early this year, its valuation had risen to approximately ₹250 crore, attracting interest from three Mumbai-based buyers. Due to its heritage classification, the new owner will face restrictions on making major alterations. The property also features intricately carved doors made from Burma teak wood, underscoring its architectural and historical significance.
This transaction highlights the enduring demand for premium heritage properties in Mumbai’s coastal zones, where legacy, location, and exclusivity continue to command extraordinary valuations despite regulatory constraints.
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