Celebrated actor Manoj Bajpayee and his wife Shabana Raza Bajpayee have successfully offloaded their upscale residential property in Mumbai’s Mahalaxmi neighborhood for a considerable sum of INR 9 crore. The property, situated in the prestigious Minerva residential tower, represents a significant return on investment for the actor, who had acquired it in 2013 for INR 6.40 crore.
The Minerva tower, developed by the reputed Lokhandwala Kataria Constructions, is a sought-after address in South Mumbai. With its 362 residential units spread across a prime two-acre land parcel, the tower is known for its luxurious amenities and prime location, which has attracted several high-net-worth individuals over the years. Bajpayee’s apartment, located on the 47th floor of this towering structure, offers a carpet area of 1,247 sq ft (approximately 116 sq metres), and is complemented by two dedicated car parking spaces, totaling 240 sq ft (22 sq metres). The buyers, identified as Praveen Jhanji and Saloni Jhanji, finalized the purchase, which included a substantial stamp duty of INR 54 lakh, reflecting the high value of the transaction.
The sale was officially registered on August 16, marking the culmination of a deal that highlights the enduring appeal of Mumbai’s luxury real estate market, even in a time of broader economic uncertainty. Manoj Bajpayee, an acclaimed figure in Indian cinema, is not new to real estate investments. Last year, he made headlines with a significant commercial real estate investment, spending INR 32 crore on four office spaces in Oshiwara, a burgeoning business hub in Mumbai’s western suburbs. This latest transaction underscores Bajpayee’s astute approach to real estate, balancing his investments across both residential and commercial properties.
The Mahalaxmi property deal is indicative of the robust demand for prime real estate in South Mumbai, a region known for its blend of historic charm and modern luxury. The transaction serves as a testament to the resilience of Mumbai’s high-end property market, which continues to attract both investors and end-users despite the challenges posed by fluctuating market conditions. This sale also reflects broader trends in the real estate sector, where strategic divestments by prominent individuals like Bajpayee can influence market perceptions and price points.
