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Bollywood actors have all along been investing in Mumbai’s residential and commercial real estate market. Recently, Amitabh Bachchan and Abhishek Bachchan, Suneil Shetty and his son Ahan Shetty were in the news for purchasing multiple properties in Mumbai. Amitabh Bachchan and Abhishek Bachchan have bought 10 apartments worth ₹ 24.
95 crore in Mumbai's Mulund area, according to property registration documents accessed by Square Yards. The 10 apartments have been purchased in a project named Oberoi Eternia by Oberoi Realty, according to the property registration documents that were registered on October 9. Also Read: Amitabh Bachchan and son Abhishek Bachchan on a real estate shopping spree, buy 10 flats for ₹ 24.
95 crore in Mumbai Another father-son duo Bollywood actor Sunil Shetty and Ahan Shetty recently jointly bought a 1,200-sq ft property in Mumbai's Khar area for ₹ 8.01 crore through a bank auction, property registration documents registered on October 24 accessed by Square Yards showed. Also Read: Bollywood actor Sunil Shetty and son Ahan buy ₹ 8.
01 crore property in Mumbai Why are fathers and sons investing in real estate? According to financial experts, father and son, husband and wife or for that matter any given set of two individuals coming together and purchasing property is beneficial from the taxation point of view. Also Read: Everything you need to know about Lonavala’s real estate market and Bollywood stars who own second homes there “There are no special benefits exclusively for a father and son purchasing property together, there are general advantages. One significant benefit is that the property becomes a joint asset with joint liability, which offers certain tax advantages,” Aditya Zantye, a Mumbai-based Chartered Accountant explained.
"In the event of the father's death, co-ownership allows for an automatic transfer of property rights to the son without the need for probate or a will. This makes the inheritance process smoother and less time-consuming. Families are increasingly opting for joint ownership to avoid legal hassles.
" Zantye added. “Whether it is a father-son duo or a husband and wife, any rental income generated from the property is considered joint income. This serves both a legal purpose and offers benefits from a taxation standpoint,” Zantye added.
On the other hand, the transaction where Amitabh Bachchan and Abhishek Bachchan purchased 10 apartments in Oberoi Realty's Mulund project can be considered a bulk deal. In bulk deals, investors can ask for a discount as they are assisting the developer by bringing in cashflows through purchase of multiple units. It helps reduce the financing cost for the developer, who in turn, may pass on the benefit to a bulk buyer in the form of a ‘good’ price, real estate consultants said.
Several industrialists, stockbrokers, high-net worth individuals have in the past bought multiple apartments to either book profits earned from the stock market, to diversify their portfolio or for taxation purposes. In February 2023, D'Mart owner Radhakishan Damani, his immediate family and close associates had purchased 28 units in a bulk deal in Oberoi Realty’s luxury project Three Sixty West at Worli for a total of ₹ 1,238 crore. The deal which collectively spanned a carpet area of 1,82,0684 sq ft included 101 car parks, documents accessed by Zapkey.
com had shown. Another deal involved the Taparia family. In March 2023, industrialist JP Taparia of Famy Care group had purchased six apartments with a cumulative carpet area of 27,160.
6 sq ft in Tower A and B of Lodha Malabar project by Macrotech Group in Walkeshwar, Malabar Hill for a sum of ₹ 369.55 crore..
