Bigg Boss famed Munawar Faruqui purchases luxury apartment in Wadala worth Rs.6.09 crore

A standup comedian and Bigg Boss 17 famed star Munawar Faruqui has recently acquired a property in Mumbai's Wadala for Rs.6.09 crore. According to property registration documents accessed by Square Yards, the apartment is spread across 1,767.97 sq ft of built-up area and includes three dedicated parking spaces.

On September 16, 2024, a significant property transaction was registered, involving the payment of a stamp duty amounting to Rs.36.6 lakh and an additional registration fee of Rs.30,000. 

The property is the brand new home purchased by Faruqui, located in Lodha Aura, an upscale, under-construction project spearheaded by Macrotech Developers Limited, widely recognized as Lodha. 

Lodha Aura is a towering 40-story edifice, offering opulent 3 BHK and 4 BHK apartments, all equipped with a variety of top-tier amenities designed for modern luxury living.

Faruqui's acquisition of this property was executed as a primary market transaction, meaning it was purchased directly from the developer, ensuring a streamlined and straightforward buying process.

The 40 story building offers 3 BHK and 4 BHK apartments with a wide range of luxury amenities. According to the report,the purchase of this property was a part of the primary market transaction, which was purchased directly from the developer.

According to the market report analysed by the brokers of the area, per square feet of the property in Wadala area ranges between Rs.35,000 to Rs.60,000.

In the past five years, Wadala has been a prime real estate hotspot having close proximity to Bandra Kurla Complex (BKC)- a commercial business district. The area is located in the close proximity to Mumbai Airport and ease for those looking to exit the city or travel to Navi Mumbai using the Eastern Freeway and Atal Setu connecting south Mumbai with Navi Mumbai.

Recently, Bollywood figures such as Sajid Khan, Kangana Ranaut, Ajay Devgn, Abhishek Bachchan, Akshay Kumar, Kartik Aaryan, and Anupam Kher have made headlines for their real estate transactions.

Many Bollywood stars prefer to buy commercial properties in Mumbai to lease them out and generate substantial rental income.

CBRE India reports that commercial assets such as offices, retail spaces, and warehouses typically yield annual returns of 6-10% in India's metro cities. Grade-A office spaces in Mumbai generally provide yields between 6-8%, while retail properties in prime locations can yield up to 9.5%.