MUMBAI: In another big ticket property purchase involving a Bollywood personality, actor John Abraham has sealed a deal to buy a bungalow on Linking Road, Khar. The cost: Rs 75 crore.
The property, 372 Nirmal Bhavan, is a ground-plus-two storey structure which belonged to Pravin Nathalal Shah and family.
According to IndexTap.com, the deal with the actor was signed on December 27 for an agreement value ofRs 70.8 crore. An additional Rs 4.25 crore was paid as stamp duty. The land area is 7,722 sq ft while the bungalow’s area is 5,416 sq ft.
It is not known what Abraham plans to do with the property. Property market sources said the plot is located in a prime area of Linking Road which commands one of the highest commercial property rates in the city. “Rentals for retail shops on Linking Road are in excess of Rs 800 per sq ft. It is one of the costliest retail markets in India,” said Pankaj Kapoor of Lias Foras.
Abraham is one of several Bollywood personalities heavily invested in real estate. In 2009, he bought a prime plot at Union Park near Petit School from a Parsi family, the Rattanshas. A source close to Abraham had earlier told TOI the actor has no immediate plans to build on the plot.
Actor Salman Khan too owns a four-floor commercial space on Linking Road, Santacruz, which he bought forRs 120 crore a decade ago. Experts said that since they are constantly in the limelight, Bollywood stars can rarely do a real estate deal, be it a sale or purchase, unnoticed.
Anuj Puri, chairman of Anarock Group, said several celebrities have also been seen selling their bungalows in prime areas such as Bandra, Juhu and Khar to developers, who then redevelop them into premium residences. ” Celebrities sell their bungalows at a premium and take a share in the new built-up project. This trend is prominent. Developers, on their part, redevelop these bungalows into high-rises and sell at a premium, between Rs 70,000 to Rs 80,000 per sq ft.”
The property, 372 Nirmal Bhavan, is a ground-plus-two storey structure which belonged to Pravin Nathalal Shah and family.
According to IndexTap.com, the deal with the actor was signed on December 27 for an agreement value ofRs 70.8 crore. An additional Rs 4.25 crore was paid as stamp duty. The land area is 7,722 sq ft while the bungalow’s area is 5,416 sq ft.
It is not known what Abraham plans to do with the property. Property market sources said the plot is located in a prime area of Linking Road which commands one of the highest commercial property rates in the city. “Rentals for retail shops on Linking Road are in excess of Rs 800 per sq ft. It is one of the costliest retail markets in India,” said Pankaj Kapoor of Lias Foras.
Abraham is one of several Bollywood personalities heavily invested in real estate. In 2009, he bought a prime plot at Union Park near Petit School from a Parsi family, the Rattanshas. A source close to Abraham had earlier told TOI the actor has no immediate plans to build on the plot.
Actor Salman Khan too owns a four-floor commercial space on Linking Road, Santacruz, which he bought forRs 120 crore a decade ago. Experts said that since they are constantly in the limelight, Bollywood stars can rarely do a real estate deal, be it a sale or purchase, unnoticed.
Anuj Puri, chairman of Anarock Group, said several celebrities have also been seen selling their bungalows in prime areas such as Bandra, Juhu and Khar to developers, who then redevelop them into premium residences. ” Celebrities sell their bungalows at a premium and take a share in the new built-up project. This trend is prominent. Developers, on their part, redevelop these bungalows into high-rises and sell at a premium, between Rs 70,000 to Rs 80,000 per sq ft.”