Industry sources stated on Monday that Bollywood actor Ranveer Singh had purchased a sea-facing quadruplex in the district of Bandra for the price of 119 crore, making this transaction one of the largest residential apartment sales in the history of the country.
The actor has purchased an apartment that spans floors 16, 17, 18, and 19 of Sagar Resham, a building at Bandstand that is located in the immediate neighborhood of Shah Rukh Khan’s home known as “Mannat” and Salman Khan’s pad at Galaxy Apartments.
Oh, Five Oh Media Works LLP, a company in which both Singh and his father, Jugjeet Bhavnani, serve as directors, recently purchased an apartment in a building that is currently undergoing redevelopment after it had previously been renovated.
According to the sources, the transaction includes a customization component in which the builder will construct the four levels in accordance with the desires of the actor.
There was no response to the questions that were emailed to Ranveer Singh’s agents. According to the sources, a stamp duty payment of more than 7 crore was made for the transaction, which included the purchase of a space measuring 11,266 square feet, an exclusive terrace measuring 1,300 square feet, and 19 parking spots.
The price is approximately one lakh rupees for every square foot purchased. It is expected that Singh and his actress wife Deepika Padukone would use the quadruplex as their primary residence moving forward.
According to our sources, they have been searching for an independent home in the Juhu or Bandra neighborhoods, both of which are popular residential areas for celebrities, for the past two and a half to three years already.
The couple had spent 22 crore rupees on the purchase of a second property in Alibag the year before. According to the sources, Sagar Resham does not now boast of any marquee names of residents who would be living nearby the celebrity pair.
Ritesh Mehta, senior director and head (west) for residential services at real estate consultancy firm JLL India, stated that the price paid by the actor is in line with the current market trend when the company was approached.
A home in this neighborhood can sell for anywhere between 90,000 and 1.10 lakh (Indian rupees) per square foot.
Mehta also stated that numerous developers have been purchasing ancient bungalows in sea-facing regions of Bandra and Juhu in the hopes of a relaxation in the regulations of the coastal regulation zone (CRZ), which will lead to an increase in the supply of apartments in the area in the time that is to come.