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Mumbai real estate: Munawar Faruqui purchases ₹6.09 crore under construction apartment in Wadala
Munawar Faruqui’s apartment is located in Lodha Aura, an under-construction project developed by listed real estate developer Macrotech Developers Limited
Munawar Faruqui- a stand-up comedian has purchased an apartment in an under construction project in Mumbai's Wadala for ₹6.09 crore, according to property registration documents accessed by Square Yards.
The apartment spans across 1,767.97 sq ft of built-up area and includes three dedicated parking spaces, the documents reveal.
The transaction was registered on September 16, 2024 for which a stamp duty of ₹36.6 lakh was paid along with registration fees of ₹30,000, according to the documents.
Faruqui’s new home is situated in Lodha Aura, an under-construction project developed by listed real estate developer Macrotech Developers Limited also known as Lodha.
The 40-story tower offers luxurious 3 BHK and 4 BHK apartments with a range of amenities. Faruqui’s purchase was a part of primary market transaction, made directly from the developer, according to information sourced by Square Yards.
The per sq ft rate in and around Wadala ranges anywhere between ₹35,000 to ₹60,000 per sqft, according to local brokers.
In the last five years Wadala has been a prime real estate hotspot having close proximity to Bandra Kurla Complex (BKC)- a commercial business district.
Wadala also has 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.
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A query sent to Munawar Faruqui did not get any response.
Faruqui has made a name for himself in the Indian entertainment industry with his witty stand-up performances and music. The standup comedian was recently also announced as the winner for TV show Bigg Boss 17.
Bollywood connection with real estate transactions
In the recent past, Bollywood personalities like Sajid Khan, Kangana Ranaut, Ajay Devgn, Abhishek Bachchan, Akshay Kumar, Kartik Aaryan and Anupam Kher have been in the news for real estate transactions.
However, several Bollywood stars prefer purchasing commercial properties in Mumbai for leasing them out to earn high rental yields.
According to CBRE India, commercial assets like offices, retail, and warehouses usually have gross yields (investment returns annually) in the range of 6-10% in metro cities of India. Grade-A office spaces in Mumbai offer an average yield in the range of 6-8%. Likewise, retail assets can offer yields of up to 9.5% prime locations in Mumbai.
