Veteran actor Jeetendra’s purchase of a bungalow in Mumbai’s prestigious Pali Hill for just Rs 4.25 lakh has become one of Bollywood’s most remarkable real estate success stories. The property, once owned by legendary actor Bharat Bhushan, has since been redeveloped into Gautam Apartments and is now estimated to be worth more than Rs 500 crore.
Sharing the story during an interaction with The Reality Drive, Jeetendra recalled that Bharat Bhushan, known for classics such as Baiju Bawra, personally approached him with an offer to buy the bungalow. Having only recently found success in films, Jeetendra discussed the proposal with his father, who encouraged him to purchase the property. For a family that had lived in a single-room chawl in Girgaum, owning a bungalow marked a major milestone.
The actor eventually acquired the bungalow along with its 3,450 sq ft plot for Rs 4.25 lakh.
However, Jeetendra did not stay there for long. After four consecutive box-office failures, he began believing the house was unlucky and decided to move out with his family. Around the same period, he also invested in another Mumbai property at Cuffe Castle for just Rs 55 per sq ft.
Instead of selling the Pali Hill bungalow, Jeetendra later chose to redevelop the site. Before construction even began, he earned Rs 11.5 lakh by selling the Burma teak used in the old structure, nearly three times his original investment. The experience inspired him to pursue opportunities in real estate development.
Reflecting on the transaction, Jeetendra said Bharat Bhushan had been facing severe financial difficulties when he sold the property and was forced to finalise the deal within two days. The actor expressed regret that the veteran star could not realise the true value of the land and building.
The original bungalow has since been replaced by Gautam Apartments on Nargis Dutt Road. Jeetendra recalled selling the apartments at around Rs 85 per sq ft, fearing buyers might not come later. His son, actor Tusshar Kapoor, noted that homes in the same building now command nearly Rs 85,000 per sq ft.
According to property portal NoBroker, Gautam Apartments consists of 82 two-bedroom flats of around 1,175 sq ft each. While the land beneath the building is estimated to be worth nearly Rs 450 crore, the overall value of the development is believed to exceed Rs 500 crore, making it one of Mumbai’s most extraordinary real estate investments.
Source: ET Now
