Old actor Jeetendra has revealed the extraordinary story behind one of the biggest real estate investments of his life– a Pali Hill bungalow he bought decades ago for Rs. 4.25 lakh.
The actor, who grew up in a modest chawl in Mumbai, said buying the property was once a dream he never thought that could ever happen. But once he settled into the bungalow he learned from a number of professional setbacks that the house was unlucky— so it was time for him to get that look out.
In a recent conversation with The Reality Drive, Jeetendra recalled how the property had once belonged to the great actor Bharat Bhushan, known for films like Baiju Bawra.
Jeetendra said Bharat Bhushan approached him during a difficult period and offered to sell the Pali Hill bungalow. Jeetendra was living with his family in a small 20x10 room in a Girgaum chawl where eight people lived together.
The idea of owning a bungalow was therefore a life-changing prospect, he said. So he went to his father and made the offer to buy the property.
Jeetendra eventually bought the bungalow for Rs 4.25 lakh. The deal included a 3,450 square-foot plot, which makes it extremely valuable, in hindsight.
But the actor said his fortunes seemed to change after moving into the property. Four of his films flopped in succession, and he feared that the bungalow was bringing him bad luck.
Jeetendra recalled telling his father that Bharat Bhushan had moved away from the house and that he too feared his career could suffer if he continued living there. His father agreed and the family eventually moved out.
Years later, the property became one of the most valuable investments of the actor.
Jeetendra said that the bungalow was eventually redeveloped. In the demolition process he received Rs 11.5 lakh from the sale of the Burma teak wood used in the original construction.
The actor said the amount was particularly surprising because he had purchased the bungalow for only Rs. 4.25 lakh. So the wood alone exceeded the original purchase price by a considerable margin.
Jeetendra also considered Bharat Bhushan’s decision to sell the property, suggesting that the actor may have missed out on the enormous future value of the land.
The site was later developed into Gautam Apartments on Nargis Dutt Road in Pali Hill. Jeetendra said he sold the newly built flats for just Rs 85 per square foot because he was worried that buyers might not be interested in them later.
His son, actor Tusshar Kapoor, spoke of the rapid rise in property prices in the area. Now, he said, in the same area, flats sell for around Rs 85,000 per square foot.
The scale of appreciation has made Jeetendra’s old property an extraordinary real estate asset. The actor said the land on which the building stands is now estimated to be worth nearly Rs 450 crore.
What was a visionary purchase by a young actor from a relatively poor Mumbai background became a landmark example of the explosive growth of property values in Pali Hill.
Jeetendra may have felt that the bungalow brought him bad luck, but decades later, the property has become one of the most valuable investments of his life.
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