Bollywood Actress Kriti Sanon along with her Mother, Geeta Sanon, and Sister, Nupur Sanon; have agreed to sell four residential apartments located in Andheri West, Mumbai for a total price of about 8.9 Crore Rupees ($1.1 million USD). The buyer of these four properties was noted casting director and producer Mukesh Chhabra according to the property transaction report verified by Square Yards, a leading online platform for real estate analytics.
In addition to being highly sought-after properties due to their original price, all four apartments are located within the prestigious Raheja Classique residential community complex in Andheri West, which is considered one of the most desirable areas to live in Mumbai because of its excellent transportation services, established retail base, and a large concentration of entertainment industry professionals.
Major Real Estate Deal in Mumbai
According to the official transaction reports, the two largest apartments have approximately 654.23 square feet (61.84 square meters) of floor space and come with one parking space each. Both larger apartments were sold for Rs. 32,300, 000 ($483,000) each. The two smaller apartments have approximately 246.06 square feet (22.89 square meters) of floor space and sold for ₹ 12,100,000 ($175,000) each.
The stamp duty was considerable on these transactions with larger units having a stamp duty charge of ₹19.41 lakh each while smaller apartments were charged with stamps of ₹7.29 lakh each.
Mukesh Chhabra to further develop his portfolio of properties
This acquisition is one of Mukesh Chhabra’s major investments into real estate, as Mukesh is also one of the top casting directors in the Hindi film industry, and has directed several successful projects. His newest project, Dil Bechara, has received critical acclaim thus far and opened many doors for him as a director.
Chhabra’s purchase of four apartments (in one transaction) shows that there is still strong investor confidence in the Mumbai real estate market, especially in popular areas, such as Andheri West, which have high demand.
Sanon Family Makes More than 100% Return
Among the highlights of this transaction is how much the Sanon family has increased their return from their property investment. Based on property records, the purchased apartments were purchased between 2013 and 2017 for a total of approximately ₹4.31 crore.
In July 2013, Geeta Sanon bought the two larger apartments for a total purchase price of ₹1.40 crore. Then, in June 2017, Kriti Sanon and Nupur Sanon bought the other two apartments for a price of approximately ₹2.90 crore. Overall, the Sanon family has invested about ₹4.31 crore in their purchases of these four apartments.
The recent sale of ₹8.9 crore for the family, represents an increase of approximately ₹4.6 crore. This equates to approximately 107% return over a period of 9-13 years according to industry estimates.
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Part of a Larger Trend: Mumbai’s Real Estate Growth
The sale also reflects the robust growth of Mumbai’s real estate market over the previous decade. Andheri West is now considered one of Mumbai’s premier residential neighborhoods, with easy access to key commercial centres, movie studios, metro rail, and entertainment facilities.
Many premium residential developments in Andheri West have continued to grow steadily. Therefore, many experts consider that any gain made by the Sanon family as a result of these investments would be an excellent example of how real estate investments in established neighborhoods of Mumbai can provide substantial long-term returns.
What’s Next for Kriti Sanon?
Kriti Sanon remains one of the most active actors in Bollywood today. Currently she is preparing for the premiere of Cocktail 2, which is considered a type of follow-up to the original hit in 2012. This project is said to have an all-star cast, and will be one of the biggest movies that she will be involved with in the near future.
The recent transaction involving real estate illustrates not just her family’s investment history, but also the increasing overlap between celebrity wealth management and the fast-paced real estate market in Mumbai.
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