Veteran Bollywood actor Manoj Bajpayee, along with his wife Shabana Raza Bajpayee, has sold their luxurious apartment in the upscale Mahalaxmi neighborhood of South Mumbai for Rs 9 crore. The transaction was recently registered on August 16, 2024, according to documents reviewed by real estate consultancy Square Yards and property sales platform IndexTap.com.
Details of the Property Sale
The apartment, located in the prestigious Minerva residential tower, was purchased by Bajpayee in 2013 for Rs 6.40 crore. The property boasts a carpet area of 1,247 sq ft (116 sq meters) and includes two car parking spaces covering a total of 240 sq ft (22 sq meters). The 47th-floor apartment offers stunning views of the cityscape, a feature that likely contributed to its premium valuation.
The buyers, Praveen Jhanji and Saloni Jhanji, paid a stamp duty of Rs 54 lakh for the transaction. Minerva, one of the tallest residential buildings in Mumbai, has become a coveted address in the city due to its prime location and luxurious amenities.
Minerva Tower: A Project with a Controversial Past
Minerva Tower, developed by Lokhandwala Kataria Constructions, has been a prominent feature in Mumbai’s skyline but has also faced its share of controversies. The project, which spans a two-acre land parcel, comprises 362 residential units. However, the developers encountered significant delays in handing over possession to homebuyers, leading to legal challenges.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) had intervened in the past, ordering the developers to compensate a homebuyer with interest due to delays. Despite these setbacks, the project finally received a part-occupation certificate in early 2023. The developers were granted an extension by MahaRERA until December 2024 to complete the project, which they now claim is finished.
Lokhandwala Kataria Constructions faced numerous hurdles, including policy changes, court orders, and objections from the nearby Arthur Road jail, which delayed the construction process. To overcome these challenges, the developers partnered with Shapoorji Pallonji Real Estate, a reputed firm known for its expertise in marketing and financing large-scale projects.
Bajpayee’s Investment in Real Estate
Manoj Bajpayee is not just an actor but also a savvy investor in real estate. Last year, he made headlines for investing Rs 32 crore in four office spaces in Oshiwara, located in Mumbai’s western suburbs. This recent sale of his Mahalaxmi property further cements his position as an astute investor with a keen eye for lucrative real estate opportunities.
Conclusion
The sale of the Mahalaxmi apartment underscores the enduring demand for premium residential properties in South Mumbai, despite the challenges faced by developers. As the real estate market continues to evolve, such transactions highlight the potential for growth and investment in the city’s high-end property market.
