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Mumbai, known as the city of dreams, continues to attract Bollywood celebrities for its cosmopolitan vibes and vibrant lifestyle. One such celebrity to add another trophy property to his already extensive collection is actor John Abraham. In an unprecedented deal, Abraham has sealed the acquisition of a prestigious bungalow situated on Linking Road, Khar, for a staggering amount of Rs 75 crore.
The ground-plus-two structure named 372 Nirmal Bhavan was previously owned by the esteemed Pravin Nathalal Shah and his family. According to reports from IndexTap.com, the agreement with Abraham was officially signed on December 27 for an estimated value of Rs 70.8 crore. To complete the transaction, an additional Rs 4.25 crore was paid as stamp duty.
The property spans over an area of 7,722 sq ft and has a palatial bungalow of 5,416 sq ft. This property is situated in the heart of Linking Road, one of Mumbai's most coveted locations.
Linking Road has consistently commanded some of the highest commercial property rates in the city, with rentals for high street retail shops exceeding Rs 800 per sq ft. It comes as no surprise that Abraham chose this strategic location for his latest investment. Actor Salman Khan too owns a four-floor commercial space in the area which he bought for Rs 120 crore a decade ago. The presence of such high-profile celebrities in the real estate market brings dynamism to the sector.
John Abraham's recent acquisition of the bungalow on Linking Road marks a milestone in his property dealings. With a lavish sea-facing penthouse in Hiten Apartments, Bandra West, already under his name, it is evident that Abraham recognizes the immense potential of Mumbai's real estate market. The Nirmal Bhuvan bungalow plot holds promising opportunities for redevelopment, making it a valuable asset for the star.
John Abraham, is one of the several Bollywood personalities who have heavily invested in real estate over the years. In 2009, he acquired a prime plot in Union Park near Petit School from the renowned Ruttonshas, a Parsi family. Although there have been speculations about his plans for this plot, Abraham currently has not made any immediate plans for development.
While many Bollywood celebrities invest in real estate for personal and investment reasons, some have even ventured into the real estate development business, either by launching their own firms or partnering with existing developers to create housing projects, resorts, and other ventures. Others have diversified their interests into interior design and home decor businesses, showcasing their passion for the overall aesthetics of property.
Such strategic investments in the city's coveted location reflects Bollywood's active engagement in the property market. The Linking Road property's potential for redevelopment has attracted many celebrities, like Salman Khan. This underscores the dynamism brought by celebrities to Mumbai's real estate sector. Abraham's move aligns with a broader trend of Bollywood figures not only investing in properties for personal use but also exploring diverse avenues within the real estate landscape.
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