Agarwal, who ran a school on the premises, is one of the accused in the murders and was arrested a day after the crime on November 11 last.
A division bench comprising Justice Subhrokamal Mukherjee and Justice S S Sadhu granted bail to Agarwal, who has been in custody for 127 days.
Considering that the chargesheet has been submitted and the accused being a lady, was critically unwell, the court felt that further detention of Agarwal was not necessary.
She was also directed not to enter the jurisdiction of Shakespeare Sarani, where the property is located, and the neighbouring Park Street police station.