JetandraOnce one of the most profitable and highest-paid stars in Bollywood, he also built a successful reputation as a real estate developer over the years. However, his entry into real estate began with a remarkable deal with the legendary actor. Bharat Bhushanhis financial collapse has forced him to sell his prized Ballyhill bungalow for a fraction of its current value.Bhushan, known for classics like “Baiju Bawra”, was facing severe financial difficulties when he sold the sprawling property to Jeetendra for Rs 4.25 lakh. The veteran actor lost most of his fortune, was forced to abandon his bungalow and car, and eventually died in poverty.The land where the bungalow once stood is now estimated to be worth nearly Rs 450 crore. Ironically, despite Jitendra buying the property for an unbelievable price, he soon moved out as he associated it with a series of box office flops following the purchase.Jeetendra recalls how this opportunity came to him unexpectedly. In an interview with The Reality Drive, he said, “There was a big star at that time who had done films like Baiju Bawra. He came to me and offered to buy his bungalow in Pali Hill. When I talked to my father, he said, ‘Let’s buy a bungalow too.'” Before that, we had been living a lower-middle-class life. I used to live in a 20×10 room; eight people lived together in a hut in Girgaum. So buying a bungalow was a big deal for me. “The veteran actor said he finally bought the 3,450 sq ft bungalow for Rs 4.25 lakh. “I ended up buying the bungalow for Rs 4.25 lakh. What was more shocking was that it came with a 3,450 sq ft plot for the same price. We moved there but suddenly four of my films failed. I told my father, ‘Bharat Bhushan escaped from here and now I think it is my turn.’ If this continues, my career will be over before it officially begins.“My father agreed and we moved out.”Around the same time, Jeetendra also invested in another property in Cuffe Castle where he purchased the first floor at Rs 55 per sq ft. Although he passed on the Ballyhill Bungalow because he thought it would bring him bad luck, the investment ended up being one of the most valuable financial decisions of his life. When a developer later approached him with a redevelopment proposal, Jeetendra agreed without hesitation.“I was later approached to redevelop the bungalow. I agreed. You won’t believe it, but when it was demolished, I received Rs 1.15 million just for the Burmese teak wood used in the construction. I bought the entire bungalow for Rs 4.25 million and made Rs 1.15 million from the wood alone.” Even before the land itself generated returns, the income from the sale of the Burmese teak wood alone was almost three times the income.Looking back, Jeetendra feels that Bharat Bhushan was forced to take an unfortunate decision due to his financial situation. “Imagine how naive Bharat Bhushan was to sell such a prime property for Rs 4.25 lakh. He was in a very difficult position and missed a huge opportunity. He could have made money from the land and building alone, but he completed the entire transaction in just two days.”The experience, he said, laid the foundation for his long-standing interest in real estate development. “Later, I redeveloped the property into Gautam Apartments. I sold the apartments at Rs 85 per sq ft because I was in a hurry. I was worried that no one would buy them in the future.” His son, actor Tashar Kapoor, highlighted the substantial appreciation in the value of the property over time. “Today, apartments there are selling for about Rs 85,000 per square foot.“Jeetendra added: “The land alone on which the building is built is worth nearly Rs 450 crore.” Located on Nargis Dutt Road in Mumbai’s upscale Pali Hill neighborhood, Gautam Apartments consists of 82 two-bedroom apartments, each measuring approximately 1,175 sq ft, according to real estate portal NoBroker. According to Jeetendra, the apartments are priced at nearly Rs 1 lakh each and the sales are expected to be Rs 82 lakh. Coupled with the revenue of Rs 1.15 million from the sale of Burmese teak, the reconstruction project became an extremely profitable one.Over the decades, the property’s value increased exponentially. Today, the studio apartments at Gautam Apartments are worth crores of rupees, while the land itself is estimated to be worth around Rs 450 crore, taking the total value of the property to well over Rs 500 crore.
