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Bollywood star Ajay Devgn has invested over Rs 45 crore in acquiring five office spaces in Mumbai's Andheri suburb. The properties, spread over 13,293 sq ft within the under-construction 'Signature' commercial tower, were purchased in transactions concluded in April. The deal includes 14 exclusive parking slots. This purchase adds to Devgn's growing real estate portfolio, echoing the trend among high-net-worth individuals, particularly from Bollywood, of investing in property despite rising prices and mortgage rates.
Noted Bollywood figure, Ajay Devgn, has solidified his status as a real estate aficionado by investing over Rs 45 crore in office spaces located in the thriving Oshiwara district of Andheri, Mumbai. The transactions for the five properties, which together span 13,293 sq ft, were finalized in April, with the relevant documents registered on the 18th and 19th of the month, according to data from CRE Matrix.
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The purchased properties, part of an under-construction commercial project titled 'Signature', are being developed by Veer Savarkar Projects. Devgn's acquisition encompasses two floors of the upcoming commercial tower. The 16th floor houses three offices with a built-up area of 8,404 square feet, while the remaining two properties, occupying 4,893 sq ft, are situated on the 17th floor. The deal also includes exclusive access to 14 parking slots within the building complex. The total stamp duty paid by the actor-turned-producer for the transactions amounts to more than Rs 2.7 crore.
This acquisition continues the trend of real estate being a favourite investment avenue for high net worth individuals, particularly within Bollywood circles. Celebrities such as Amitabh Bachchan, Shah Rukh Khan, Akshay Kumar, and Aishwarya Rai, among others, have all reportedly made significant investments in property recently. Devgn himself had previously procured a bungalow in the exclusive Juhu area of Mumbai in late 2020, for a sum of Rs 47.5 crore.
These transactions come amid a surge in Mumbai's property market, the most expensive in the country. Despite rising mortgage rates and property prices, consumer sentiment towards property investment remains resilient, bolstering the city's real estate sales momentum.
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