‘India is known for loving its stars’ could now as well be called a cliché. And like all clichés, it hasn’t stopped being true. And as such, our Bollywood superstars and their lives are a constant source of scrutiny. At Housing.com, we scrutinise the life of these superstars too, in our own way! We wondered about the valuation of India’s most beloved superstar, King Khan’s six storeyed sprawling mansion. Well, the answer might surprise you. King Khan has himself revealed that Mannat is his most expensive purchase, pegged at Rs 200 crores.
The King’s Castle
The King of Bollywood – Shahrukh Khan’s 6 storey high, sea facing marvel located at Bandstand in Bandra West is a heritage building and a tourist spot. Such is the fan following of Bollywood’s Baadshah that several hundred people visit the house everyday hoping to get a glimpse of their favorite Bollywood star. SRK’s home sweet home comes with lavishly decorated indoors and beautiful gardens on the front side.
While the mansion has neo-classical elements incorporated within itself, the interiors of the house are very modern and stylish, adorned with curios and objects of art from around the globe. The hind side of the house has an extended second wing which houses a posh lounge area for story sittings, a sprawling kitchen,along with a host of Mr. Khan’s offices and studios and an intricately equipped gym.
The multi-storeyed house, connected by a system of elevators, has two living rooms adorned with paintings by M.F Hussain, antiques and other art objects. Two of these floors contain the family’s living area. The house has an entire floor which serves as a playroom for his kids, a library, a private bar and an entertainment centre.
The Market Value of Mannat
Originally called Villa Vienna, when Shahrukh Khan bought this 2,446 sq. metre (26, 328.52 sq. ft.) sea facing property in 2001 on a lease, he paid ₹13.32 crore and renamed it Mannat. Since then, the star has been paying a minimal rent of ₹2,325 a year, but when the Maharashtra government revised the land lease rates in Mumbai and its suburbs, the increased lease rent of ₹19 lakh a year, or a onetime occupancy fee of ₹8.3 crore (one-fifth of the plot’s Ready Reckoner value) for outright ownership of the same, was implemented.
From these facts, we estimated the Ready Reckoner value of this plot; i.e the official price of this piece of land to be ₹41.5 crores. Now, considering the stature of the King of Bollywood, you might think that this isn’t that big an amount. So, we decided to go ahead and calculate the current market value of Mannat, and well, we were nothing short of shocked.
To estimate the value of Mannat we set out to find the average value of residential land in the same locality. Although nothing as big as Mr. Khan’s property is available for sale in the market, we compensated by finding residential apartment prices as a base.
A regular apartment in Bandstand Bandra(West), where Mannat is located, is priced at around ₹43,000 per square foot on an average. When we take this as our base price Mannat’s 26,328.52 sq.ft would be priced approximately at a massive ₹ 113.21 crores. Now that’s a standard celebrity price. Mind you, that’s just the approximate value. Its heritage status and its location in an upscale neighbourhood adds a certain amount of extra value to the house, approximately 15 per cent according to some sources. Now, add to that a 6 floor high exuberantly furnished house, gorgeous lawns spread out in front of the house and large french windows with a fantastic view of the sea and you’ll get a palatial mansion which is valued at approximately a jaw dropping ₹ 200 crores!
Fun Fact! – What’s the average size of an Indian house? According to National Sample Survey Organisation, it’s 494 sq. ft. in rural areas, or 103 sq. ft. per person, and 504 sq. ft. in urban areas, or 117 sq. ft. per person. That would be 225 people in Mannat alone!
*The edited picture used as the header image for this blog post was sourced from here: http://bit.ly/1YnHVr8
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