Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
Actor Salman Khan had acquired a building in 2012 for approximately Rs 120 crore, with the intention of transforming it into a commercial property. The building was situated in Bandra, Linking Road. This building had previously housed a society consisting of about 16 flats, which was subsequently demolished to make way for the new commercial development.
LandCraft Retail has entered into a lease agreement for the said property, with the intention of establishing a new gourmet store Food Square. The lease contract involves a monthly rental of 1 crore. This move comes as a replacement for Food Hall, previously owned by Future Group. Allegedly the reason for this replacement seems to be the non-payment of dues by Future Retail.
Future Retail secured a lease for the space in 2017, initially committing to a five-year term with a monthly rental of 80 lakh. Subsequently, the lease was renewed, with the rental rate adjusted to 90 lakh per month. Looking at the rent that the said property is securing right now shows an increase of about 25% since 2017.
Several other Bollywood celebrities like Amitabh Bachan, Kartik Aryan, Ajay Devgn, Kajol, Karan Johar, Hritik Roshan, etc., are making investments in commercial properties as they are capable of securing better rental yields. As seen above the said property was purchased at approximately 120 crores and will secure an annual rent of 12 crore approximately and this will generate a rental yield of about 10%.
According to Mayank Gupta, managing director and co-founder of Food Square, the Indian gourmet food market is currently valued at $1.3 billion and has been growing steadily at a compounded annual rate of 20%. This data underscores the promising future of this market.
The Indian gourmet food market comprises primarily of cafes, casual/fine dining, and retail. Imported retail items are also part of India's gourmet market. Gourmet retail stores typically stock an array of products, including oils, sauces, cereals, concentrates, honeys, syrups, nuts, olives, spices, spreads, truffles, and vinegars. These stores also feature a significant selection of exotic fruits and vegetables. Notable players in the Indian gourmet food market include established brands like Godrej, Foodworld Gourmet, and Future Group.
A recent trend in the gourmet sector involves collaborations between gourmet brands and chefs or celebrities, aimed at educating consumers about the benefits of gourmet foods. This strategy has resulted in increased sales of gourmet products across the country.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
