Salman Khan Strikes Gold By Bagging 1 Crore Monthly Deal For 60 Months By Leasing Santacruz Commercial Property To Food Square! (Photo Credit: Instagram)
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Having spent three decades in the Hindi entertainment industry, Salman Khan is one of the biggest stars in Indian Cinema. The ‘Tiger 3’ actor has amassed a huge wealth with an estimated net worth of around $400 million, i.e. approximately Rs 3,000 crore. But, now it seems, his wealth will get a new addition as the actor has rented out his commercial property in Mumbai’s Santacruz instead of a whopping amount.
According to documents accessed through commercial real estate information provider Propstack, Salman Khan has rented out his property to LandCraft Retail Pvt Ltd. for a duration of 60 months starting in August to establish a fresh gourmet store.
According to a report by ET, the monthly rental for the new venture, Food Square, amounts to Rs 1 crore, and the deposit amount is Rs 5.4 crore. Earlier, the sprawling property, which spreads over 2,140.71 sq. metres, was occupied by Food Hall, which was under the ownership of the financially troubled Future Group.
Propstack reports claim that the rent agreement transaction with Food Square occurred on August 2 this year. Food Square has reportedly partnered with Versace for its cutlery collection, Entisi Chocolate for live stations, and Oliveology for providing Italian cuisine.
The document states that Salman Khan was to get a monthly rental of Rs 90 lakh rental in the first year, while in the second year, the rent amount will increase to Rs 1 crore. Subsequently, the amount is expected to increase by Rs 5 lakh, i.e. Rs 1.05 crore for the third year and Rs 1.10 crore and Rs 1.15 crore for the fourth and fifth year, respectively.
According to reports, Salman Khan acquired the property, which consists of the lower Ground Floor, Ground Floor, First Floor and Second Floor, on Linking Road, Santacruz West, in 2012. Salman had purchased the property to utilise it for commercial endeavours for approximately Rs. 120 crores. Later in 2017, Salman Khan leased it to Food Hall.
In April, the National Company Law Appellate Tribunal (NCLAT) reportedly had refused to restrain the ‘Dabaang’ actor from terminating the lease of the property while hearing a plea moved by Koinonia Coffee Pvt Ltd that runs coffee shops at the previously occupied Food Hall stores. The coffee company had approached the tribunal, claiming that Salman Khan sought to terminate the lease agreement effective April 30, 2023.
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