"Vageshwari Properties Seals Landmark Rs 276 Crore Mumbai Deal"

Vageshwari Properties has acquired Laxmi Nivas, a historic bungalow on South Mumbai’s Nepean Sea Road, for over Rs 276 crore. Finalized on February 28, the transaction included a stamp duty payment of Rs 6.56 crore.

Built in 1904, the sea-facing, three-story property spans 19,892 sq. ft. Originally purchased by a Parsi family in 1917 for Rs 1.2 lakh, Laxmi Nivas holds historical significance, having served as a refuge for freedom fighters like Ram Manohar Lohia and Jayaprakash Narayan during the Quit India movement.

Acquired from 15 members of the seller’s family, this deal ranks among the largest real estate transactions in South Mumbai.

News by Rahul Yelligetti.