MUMBAI, Jan. 8 -- A nearly seven-decade-old sea-facing heritage bungalow in Juhu has been put up for sale at an asking price of around Rs.250 crore. The property, owned by Gautam Nanavati of the family associated with Nanavati Max Super Speciality Hospital, is located on Juhu Tara Road and is among the rare large-format bungalows left in the coastal suburb. Spread over a 1,355 sq metre plot, the property, known as Leela Bungalow, has a built-up area of around 8,500 sq ft. The ground-plus-one structure is classified as a Grade IIB heritage building, a status that allows refurbishment while mandating the preservation of its architectural and cultural character. "Under this heritage classification, one can refurbish the home by keeping all heritage elements intact. It does not permit mindless redevelopment the way most properties otherwise undergo," said a real estate market source, adding that JLL India has been appointed to manage the transaction. Mumbai has 289 structures classified under the Grade IIB heritage category. Buildings in this bracket are recognised for their local architectural or cultural significance. As per civic regulations, development permission for such properties may be granted by the municipal commissioner after consultation with the Mumbai Heritage Conservation Committee. Any additional development must be in harmony with the existing heritage structure and carried out on the same plot....