Hrithik pumps in Rs 70cr into Mumbai Real Estate

Published On: 2015-04-21

Author: Nauzer K Bharucha

Media Link:

Hrithik Roshan pumps in Rs 70cr to develop residential tower in Andheri

Source: TOI

Date: May 24, 2014


Bollywood bigwigs have always considered real estate a safe investment for their mega bucks. In the latest big-ticket deal, actor Hrithik Roshan is pumping in Rs 70 crore to develop a plot off Andheri Link Road.


Industry sources said the 3,000 sq m plot near Infiniti mall is the latest in a series of real estate investments made by the Roshans in Mumbai. "The land will be used to build a 26-storey high-end, residential tower in a joint venture with a local developer," said a source. The developer is known to the Roshans and they have concluded several deals in the past.


"Hrithik's unsecured loan to the real estate company will be linked to the building plans being passed and released in stages as construction progresses," said the source.


The Roshans, it is learnt, invest their earnings in real estate with Anand Pandit, a developer and a BJP functionary. Both Rakesh Roshan and Pandit were not available for comment on Friday. But sources said Pandit is not part of the current project.


The Bollywood family is among the bigger property investors in tinsel town. The latest plot off Andheri Link Road is next to Commerce Centre building, where the Roshans own two commercial floors. Some years ago, the father-son duo purchased three floors in the Lotus Business Park opposite Fun Republic in Andheri (W). They had also booked four offices spread across 18,000 sq ft in a commercial building in Jogeshwari (E). "I keep buying one floor here and there for our production purposes. I don't buy and sell," the senior Roshan had told TOI back in 2011.


Like the Roshans, most Bollywood stars like Akshay Kumar, Shah Rukh Khan, Salman Khan and Aamir Khan invest their wealth in real estate or are constantly looking out for prime properties for personal use. The preferred locations are in the suburbs between Bandra and Andheri.


Aamir, for instance, has been in the market for several years with a budget of Rs 200 crore for a bungalow. Recently, the star was embroiled in a controversy when his offer to redevelop a housing society near Pali Hill was opposed by a mother-daughter duo. The actor then withdrew the offer.


Some time ago, Vidya Balan purchased an entire floor in a Juhu building. Ajay Devgn too invests in real estate. So does Akshay Kumar. Some stars are also believed to have pumped in money in slum rehabilitation projects in the western suburbs.