MUMBAI, April 24 -- The Grade IIB heritage, sea-facing Leela Bungalow in Juhu Tara Road, which drew interest from developers and businessmen after being listed, has been sold for Rs.221 crore. The ground-plus-one Art Deco structure, spread over a 1,355 sq metre plot with a built-up area of around 8,480.68 sq ft, is owned by Gautam Nanavati of the family associated with Nanavati Max Super Speciality Hospital. It has been acquired by Notandas Realty, part of the Notandas Jewellers group. The transaction was formalised on Wednesday after completion of stamp duty and registration, a source aware of the deal told Hindustan Times. According to sources, Notandas Realty, whose directors are father-son duo Mahesh Notandas Jagwani and Harsh Mahesh Jagwani, finalised the purchase at Rs.221 crore. Mahesh Jagwani is also director of Notandas Jewellers, which operates a showroom in Bandra. The Juhu property had first entered the market in 2022 with an asking price of Rs.210-220 crore. Earlier this year, the price was revised to Rs.250 crore. Hindustan Times had reported in January that the bungalow was up for sale. International property consultant JLL India managed the transaction for the nearly seven-decade-old structure, classified as Grade IIB heritage. This classification allows refurbishment while preserving all heritage elements. Extensions are permitted, provided the design remains in harmony with the original structure. Mumbai has 289 Grade IIB heritage structures, designated for their architectural or cultural significance. As per civic regulations, development permission for such properties is granted by the municipal commissioner in consultation with the Mumbai Heritage Conservation Committee. Any development must be an extension or additional structure on the same plot and align with the existing heritage character. Located on Juhu Tara Road, the bungalow stands on a 1,355 sq metre plot and has a built-up area of 8,480.68 sq ft. It includes a terrace of around 2,500 sq ft and a garden spanning approximately 5,000 sq ft. In terms of built-up area, the deal works out to Rs.2,60,592 per sq ft, lower than the Rs.2.89 lakh per sq ft deal by banker Uday Kotak at Worli Sea Face. However, calculated on the full plot area of 14,585 sq ft, the price stands at Rs.1,51,525 per sq ft. While several developers showed interest, the heritage status restricted full-scale redevelopment. The bungalow retains original Burma teak door frames, archways and wooden detailing from the 1950s, along with a grand central Burma teak staircase and its signature Art Deco design. Sea-facing properties of this scale are scarce in the Juhu belt. In January, Hindustan Times reported that three of the five interested buyers were Mumbai-based families. Notandas Jewellers was founded in 1983 by Kishin Jagwani and continues to operate from Waterfield Road in Bandra. The Nanavati family's legacy traces back to Sir Manilal Balabhai Nanavati, a graduate of the University of Pennsylvania, who served as Nayab Diwan under His Highness Sir Sayajirao Gaekwad III and later as Sole Deputy Governor of the Reserve Bank of India between 1936 and 1941. He was knighted by King George VI, father of Queen Elizabeth II, for his public service and also led the Indian Society of Agricultural Economics as its president from 1943 to 1959. His eldest son, Ratilal Nanavati, founded Nanavati Hospital in Mumbai in 1950, inaugurated by Prime Minister Jawaharlal Nehru in memory of Dr Balabhai Nanavati....