Abhishek Bachchan was recently in the news for purchasing six apartments for ₹15.42 crore in the Oberoi Sky City, a luxury project by Oberoi Realty in Borivali area of Mumbai. The Bollywood actor has bought a total of 4,894 sq ft of RERA carpet at a price of ₹31,498 per sq ft, according to the documents shared by Zapkey.com.
₹31,498 per sq ft, according to the documents shared by Zapkey.com.(HT Files)” title=”The Bollywood actor has bought a total of 4,894 sq ft of RERA carpet at a price of ₹31,498 per sq ft, according to the documents shared by Zapkey.com.(HT Files)” />What stood out in the deal was that out of the six apartments, two apartments measure 252 sq ft, two are spread across an area of around 1,100 sq ft (carpet) and the size of the remaining two is 1094 sq ft, the documents showed.
What is interesting about the transaction is that Abhishek Bachchan purchased two small apartments each measuring 252 sq ft that could probably be a studio apartment also known as 1 RK (room kitchen) apartment.
So why did the Bollywood star purchase a 252 sq ft apartment?
Often when developers purchase industrial land, one of the conditions that they have to meet to turn industrial land into residential use is to construct affordable apartments in a part of the project. That’s the reason why several developers construct a mix of small and large apartments, architects told Hindustan Times Digital.
In the case of Oberoi Sky City project of Oberoi Realty, the company had acquired the 25-acre land parcel from Tata Steel Ltd for ₹1,155 crore at an e-auction in 2014, according to news reports.
The land in Borivali used to house Tata’s steel wires manufacturing plant, which was shut in 2009 after the company moved operations to Tarapur in Maharashtra in 2008.
In the Oberoi Sky City project, a total 2,512 apartments worth ₹7,398 crore were sold between 2016 and 2024, according to the data shared by Zapkey.com, a real estate analytics firm.
Out of 2,512 apartments, 2,493 apartments worth ₹7,332 crore were sold by the developer and 19 apartments worth ₹66 crore were sold in resale transactions, the data showed.
In Oberoi Realty’s Forestville project in Kolshet, Thane, the developer is constructing studio apartments along with 3,4 and duplex apartments, according to Maharashtra Real Estate Regulatory Authority (MahaRERA) declarations made by the developer.
Small apartments are often merged with bigger units and sold as jodi apartments
To meet government norms, to convert industrial land into residential use some developers construct an entire tower comprising small apartments, while others construct large 3 and 4 BHK apartments and sell them as jodi apartments by merging the smaller apartment with the bigger one, said a architect working with a leading real estate developer in Mumbai not wishing to be named.
“The reason why small and large apartments are constructed together and not in a separate tower is because developers do not want to mix gentry. These units are therefore constructed ‘side by side’ and sold as jodi or in many cases sold separately and later merged by the homeowners,” the architect added.
“The studio apartment (smaller apartment) can become an additional bedroom. Apartment owners utilize the space as a pooja room, study room, home office. The extra studio apartment can also be turned into a service entrance where a service room can be planned,” the architect said.
However, in the case of Abhishek Bachchan, all six apartments were sold separately, according to the documents. A query sent to Oberoi Realty on the trend of two apartment formats – small and large- being constructed side by side did not get any response.
What is a jodi apartment?
A jodi apartment refers to one apartment merged with another. It gives homebuyers the flexibility to amalgamate two or more apartments. For example, homebuyers may purchase a 3 BHK and a 1 BHK instead of a 4 BHK. They may decide to buy a pair of 2BHK apartments instead of a 4 BHK and even a 3 BHK apartment along with a studio apartment.
Abhishek Bachchan has several apartments in his portfolio
The Oberoi Realty project in which Abhishek Bachchan has purchased the six apartments is not the first purchase by the Bollywood star.
He has invested in projects by the same developer earlier as well. Bachchan had in August 2021, sold an apartment in Mumbai for ₹45.75 crore in the project Oberoi 360 West by Oberoi Realty in Worli. The apartment was purchased by him in 2014 for over ₹41 crore.
Bollywood actor Ranveer Singh also sold two flats in the Goregaon area of Mumbai for ₹15.25 crore. The two flats measuring 1,324 sq ft each were purchased by Singh in December 2014 for ₹4.64 crore each in Oberoi Exquisite, another project by Oberoi Realty.
Meet Mahtab Ahmad, known for his keen insights into the latest trends and news. Join Mahtab on his blog, where every post is a exploration of the ever-evolving now.