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July 20, 2001
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Money > Business Headlines > Report July 20, 2001 |
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Moving in: Get the big bucks readyRaksha Hegde Real estate prices in Bombay, stagnant for some months now, have started spurting skywards again-thanks to the stars in the city's "celluloid firmament." Several hefty deals struck last month by Bollywood celebrities like Shahrukh Khan, model Arjun Ramphal and Saira Banu Khan have set the dovecotes aflutter, according to a report by real estate consultants Cushman & Wakefield. The most celebrated of these was a Rs 130 million deal clinched in June by Shahrukh Khan, for his wife Gauri. This involved a massive 26,300 square feet of land in Bandra, an upscale Bombay suburb where many of the city's glitterati reside. The deal had been knotted in legal tangles as the sprawling Parsi bungalow called Villa Vienna had been a heritage structure. But the dilapidated bungalow has now been changed to a mansion modelled on the White House, complete with sprawling, manicured green lawns. The bungalow has been re-christened to-what else? -Mannat (wish). Another high profile though more modest deal involved supermodel and debutante Hindi film actor, Arjun Ramphal, who purchased a 1,450 square feet apartment (along with parking space) in Bandra. The price: a steep Rs 9,950 per square foot or Rs 14 million. Saira Banu Khan, celluloid queen of yesteryear and wife of actor Dilip Kumar, sold a flat in Embassy Apartments on upmarket Napean Sea Road for Rs 20 million. The 2,495 sq feet flat includes a closed garage space. Chetan Suchak, real estate broker and agent said, "These deals are surprisingly big. The residential market all over India has otherwise been stagnant for the past 3-4 months." Meanwhile, Corporate India hasn't exactly been a silent spectator to all this. Not to be outdone, air-conditioning major Voltas disposed of an 1,867 square feet apartment in KumKum Building on Dr GD Marg for Rs 18 million, Reliance bought another apartment (carpet area: 2,400 sq ft) in Mayflower building in Bandra at Rs 10,400 per square foot (it now owns 45 per cent of the building) and Shaw Wallace Properties hawked a 2,863 sq ft apartment with a garage in the posh Malabar Hill area for a cool Rs 47.5 million. Clearly, Bombay's real estate market is starting to sizzle. Powered by YOU MAY ALSO WANT TO READ:
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