Why Bollywood Star Abhishek Bachchan Invested in Small and Large Apartments in Mumbai
Abhishek Bachchan recently purchased six apartments in Mumbai, including two small 252 sq ft apartments. But why did he invest in such small apartments? We explore the trend of developers constructing small and large apartments side by side.
Real EstateAbhishek BachchanOberoi RealtyMumbaiJodi ApartmentsReal EstateJun 23, 2024
What stood out in the deal was that out of the six apartments, two apartments measure 252 sq ft, two are spread across an area of around 1,100 sq ft (carpet) and the size of the remaining two is 1094 sq ft, the documents showed.
So why did the Bollywood star purchase a 252 sq ft apartment? Often when developers purchase industrial land, one of the conditions that they have to meet to turn industrial land into residential use is to construct affordable apartments in a part of the project. That's the reason why several developers construct a mix of small and large apartments, architects told Hindustan Times Digital.
In the case of Oberoi Sky City project of Oberoi Realty, the company had acquired the 25-acre land parcel from Tata Steel Ltd for ₹1,155 crore at an e-auction in 2014, according to news reports. The land in Borivali used to house Tata's steel wires manufacturing plant, which was shut in 2009 after the company moved operations to Tarapur in Maharashtra in 2008.
In the Oberoi Sky City project, a total 2,512 apartments worth ₹7,398 crore were sold between 2016 and 2024, according to the data shared by Zapkey.com, a real estate analytics firm. Out of 2,512 apartments, 2,493 apartments worth ₹7,332 crore were sold by the developer and 19 apartments worth ₹66 crore were sold in resale transactions, the data showed.
Small apartments are often merged with bigger units and sold as jodi apartments. To meet government norms, to convert industrial land into residential use some developers construct an entire tower comprising small apartments, while others construct large 3 and 4 BHK apartments and sell them as jodi apartments by merging the smaller apartment with the bigger one, said a architect working with a leading real estate developer in Mumbai not wishing to be named.
However, in the case of Abhishek Bachchan, all six apartments were sold separately, according to the documents. A query sent to Oberoi Realty on the trend of two apartment formats - small and large- being constructed side by side did not get any response.
What is a jodi apartment? A jodi apartment refers to one apartment merged with another. It gives homebuyers the flexibility to amalgamate two or more apartments. For example, homebuyers may purchase a 3 BHK and a 1 BHK instead of a 4 BHK. They may decide to buy a pair of 2BHK apartments instead of a 4 BHK and even a 3 BHK apartment along with a studio apartment.
Abhishek Bachchan has several apartments in his portfolio. The Oberoi Realty project in which Abhishek Bachchan has purchased the six apartments is not the first purchase by the Bollywood star. He has invested in projects by the same developer earlier as well. Bachchan had in August 2021, sold an apartment in Mumbai for ₹45.75 crore in the project Oberoi 360 West by Oberoi Realty in Worli.
Frequently Asked Questions
Why did Abhishek Bachchan purchase small apartments?
Developers construct small apartments to meet government norms to convert industrial land into residential use.
What is a jodi apartment?
A jodi apartment refers to one apartment merged with another, giving homebuyers the flexibility to amalgamate two or more apartments.
Why do developers construct small and large apartments side by side?
Developers construct small and large apartments side by side to meet government norms and to offer homebuyers flexibility in amalgamating apartments.
How many apartments did Abhishek Bachchan purchase in Oberoi Sky City?
Abhishek Bachchan purchased six apartments in Oberoi Sky City, including two small 252 sq ft apartments.
What is the price of the apartments purchased by Abhishek Bachchan?
Abhishek Bachchan purchased the six apartments for ₹15.42 crore, at a price of ₹31,498 per sq ft.
Related News Articles
Kerala RERA Appellate Tribunal Vacancy Crisis Resolved: State Assures High Court
The Kerala High Court has disposed of a plea concerning the filling of a judicial member vacancy in the Kerala Real Estate Appellate Tribunal (RERA) following the retirement of VK Babu Prakash.
No Reversal on Real Estate LTCG Tweaks: Government Stands Firm
Government sources have confirmed that there will be no reevaluation of the changes made to Long Term Capital Gains tax (LTCG) in the Union Budget, despite concerns over the removal of Indexation benefit on property sales.
Budget 2024: How Indexation Removal Affects Real Estate Investments in India
The recent budget announcement has sparked concerns among property investors. Experts weigh in on how the removal of indexation will impact property prices, loans, and housing demand.
Pune's Property Stamp Duty Collections See 38% YoY Increase - Real Estate Insights
In 2023, the property market in Pune saw a significant boost with a 38% year-over-year increase in stamp duty collections. This surge in demand for properties, particularly those valued at INR 1 crore, highlights the growing interest in the city's real es
Commercial Real Estate Foreclosures Surge 48% in September
Commercial real estate foreclosures experienced a significant spike in September, marking a 48% increase year-over-year. The data, provided by ATTOM, highlights growing financial stress in the commercial real estate sector.
CEV Group Unveils Essential Video for Real Estate Valuation: A Guide for IBBI Aspirants
The Council of Engineers and Valuers (CEV) has released a groundbreaking video on real estate valuation, providing valuable insights for those preparing for the IBBI Valuation Examination. This comprehensive guide is a must-watch for anyone aspiring to be