In one of the biggest residential apartment deals in the country, Bollywood actor Ranveer Singh has bought a sea-facing quadruplex in suburban Bandra for Rs 119 crore, industry sources said on Monday.
The actor has bought the apartment spread across floors 16, 17, 18 and 19 of Sagar Resham, a building at Bandstand in the close vicinity of Shah Rukh Khan's bungalow 'Mannat' and Salman Khan's pad in Galaxy Apartments.
Oh Five Oh Media Works LLP, a company which has Singh and his father Jugjeet Bhavnani as directors, has bought the apartment in the building which is under construction after redevelopment. The deal has a customisation component wherein the builder will make the four floors as per the preferences of the actor, the sources said.
Queries sent to Singh's representatives did not elicit a response.
A stamp duty of over Rs 7 crore has been paid for the transaction, which includes the purchase of 11,266 sq ft space, an exclusive 1,300 sq ft terrace and 19 parking lots, the sources said. The per square feet price works out to around Rs 1 lakh.
The quadruplex is likely to serve as the primary home for Singh and his actor wife Deepika Padukone. Sources said they were in the market for nearly three years now with a mandate to look for an independent bungalow in Juhu and Bandra localities where a lot of celebrities stay.
Last year, the couple had bought a second home at Alibag for Rs 22 crore.
At present, Sagar Resham does not boast of marquee names who will be neighbours of the star couple, sources added.
When contacted, real estate consultancy firm JLL India's senior director and head (west) for residential services, Ritesh Mehta, said the price paid by the actor is as per the market trend. A property at this location commands a price of Rs 90,000-Rs 1.10 lakh per square feet.
Mehta also said many developers have been buying old bungalows in the sea-facing areas of Bandra and Juhu, hoping for a relaxation in the coastal regulation zone (CRZ) norms, which will lead to supply of more apartments in the area in the times ahead.
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