The iconic bungalow in Mumbai's Juhu neighborhood, which belonged to the late Bollywood actor Dev Anand, is set to make way for a 22-storey tower. After over 40 years of housing the actor's family, the property was reportedly sold to a real estate firm for an estimated Rs 350-400 crores. Dev Anand's children, who have settled in various locations, found it challenging to maintain the large property, leading to the decision to sell. The family has a history of investing in real estate, with the proceeds from the sale of Anand Studios and other properties being reinvested in residential flats in Mumbai. Mumbai's real estate market has long attracted Bollywood celebrities for investment purposes, making it a lucrative choice for wealth preservation.
The posh neighbourhood of Juhu in Mumbai Suburbs will soon lose an iconic bungalow owned by late Bollywood actor Dev Anand. Built in the 1950s, this multi-storeyed residence housed the late actor, his wife Kalpana Kartik and children Suniel Anand and Devina Anand for over 40 years. According to multiple news reports, a real estate firm has finalised the deal for an estimated Rs 350-400 crores and intends to create a 22 storey tower in its place.
The actors children, having settled abroad and elsewhere in India were finding it difficult to maintain the large property and therefore took a decision to sell. The family has always has a penchant for real estate assets. After the actor’s death the family sold Anand Studios, the proceeds of which were invested in multiple residential flats in the city. Recently they sold a new properties located in Panvel as they are unable to manage such a large portfolio.
It is not uncommon for actors to park some of their wealth in real estate. Mumbai in particular has always been considered a lucrative and attractive opportunity by the fraternity, with several notable names making sizeable real estate investments in the recent years. The Juhu area is also home to several Bollywood families such as Anil and Boney Kapoor, Amitabh Bachchan, Shilpa Shetty, Ajay Devgan and Kajol and most recently Raj Kumar Rao.
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