Actor Salman Khan is learnt to have sold a 1,650 sq ft apartment in Sterling Seaface at Worli for over Rs 6 crore. Located on the ninth floor and giving a scenic view of the Arabian Sea, the three bedroom hall kitchen flat was sold along with two car park lots. The identity of the buyer is not known.
Khan is now searching for buyers to sell a similar sized flat located on the sixth floor in the same building. The 14-storey Sterling Seaface was constructed by construction company, Shapooji Pallonji ten years ago and has all amenities like swimming pool, gym.
Veteran script writer Salim Khan confirmed that they have almost concluded the deal with a buyer. “I would not like to reveal the buyer’s identity. There is nothing surprising in the sale. I had purchased these flats on behalf of Salman, but he does not want to leave Bandra. So, I have to sell this flats and would have to invest for an apartment in Bandra,” said Khan, refusing to give the flat value.
The senior Khan is believed to invested, on behalf of Salman, an undisclosed amount in an old building at Bandra’s Carter Road, which he plans to redevelop with a builder. The senior Khan, however, denied these reports. He said, “I keep buying homes for all my children.
These reports of purchasing an entire building is not true. We already had about three flats at Starlet building in Carter road. The building was into redevelopment and we were asked to pay construction cost. But there was a problem as some people objected to the redevelopment,” said Khan.
Property brokers say the senior Khan’s move could not have come at the right time. They said that the Worli-Lower Parel belt in central Mumbai, a former hub of textile mills is currently witnessing a glut of developments by realtors. While Lodha Developers have launched world’s tallest tower, World One, in Shrinivas Mill, Shree Ram Urban Infrastructure is constructing a 90 floor tower, Palais Royale, and IndiaBulls Real Estate is putting up its Sky project.
Orbit Corp is coming up with Grand and Terrace, Unitech Omkar has launched the Residences, DLF is launching 3 luxury towers and Raheja Developers is also adding to the list. There is a huge supply of an estimated 6,000 apartments with the minimum size being 1,600 sq ft and priced between Rs 5 to Rs 10 crore.
“Even if we not consider the under-construction premium properties, look at the advertisements of ready flats in existing projects like Beaumonde, Planet Godrej in this area. The buyers are spoilt for choice and are thus, in a good bargaining position,” said a well known broker. “Salman Khan is lucky to have found a buyer. Unlike last year when we would do 10 deals in a month, we are barely scrapping through one or two transactions,” the broker added.