Shah Rukh to pay only Rs. 8.3 crore for a Rs. 200-crore plot

By HT

Actor Shah Rukh Khan gets to buy the 26,329-square-foot Bandra plot on which his sea-facing bungalow, Mannat, stands for Rs. 8.3 crore under a new government scheme for lease-holders.

Realtors value the plot at more than Rs. 200 crore at the prevailing market rate. At present, Khan leases the plot from the government at an annual rent of Rs. 2,325. Under the state revenue department’s new policy on leasehold plots, Shahrukh and several others among 666 leaseholders in Mumbai were in January 2013 given the option to either buy the plot or cough up lease rents that could be at least 1500 times the present rate.

To own the plot, the leaseholders were asked to pay 20% of the ready reckoner rates (value of the land decided by the government which is usually less than market value). This is what Shahrukh has opted to do.

On Friday, the Mumbai suburban collector office received a letter from the actor saying he would pay the amount for getting occupancy rights. “ We have received a communication from him and the further process will take place as per the government resolution,” Collector Sanjay Deshmukh told HT.

While many of these leasehold properties are residential, others are occupied by government offices, schools and colleges, and NGOs paying up to Rs. 4000 as annual lease rent.

On behalf of Khan, officials from his company Red Chillies, confirmed the development. “ We are law abiding citizens and when it comes to this case, we are going to do what is legally bound. The amount of money that is to be paid has been sanctioned,” a Red Chillies official said.

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