Salman Khan decides to lease Santacruz Commercial Property for 1 Crore

For a huge sum, Salman Khan leased his commercial property, which measures 2,140.71 square metres, to Landcraft Retail Pvt Ltd. Salman Khan is one of the biggest stars in Indian cinema, having spent three decades in the Hindi entertainment sector. The “Tiger 3” actor is thought to be worth roughly $400 million, or about Rs 3,000 crore, according to estimates of his wealth. However, it appears that his wealth will increase now that the actor has rented out his commercial property in Mumbai’s Santacruz rather than paying a huge sum.

In order to open a fresh gourmet shop, Salman Khan reportedly rented his property to LandCraft Retail Pvt Ltd. for a period of 60 months beginning in August, according to records discovered by commercial real estate research source Propstack.

According to an ET article, the deposit for the new business, Food Square, is worth Rs 5.4 crore, and the monthly rent is Rs 1 crore. The enormous property, which covers 2,140.71 square metres, was formerly inhabited by Food Hall, which was owned by the financially precarious Future Group.

The rent agreement deal with Food Square allegedly took place on August 2 of this year, according to Propstack reports. According to rumours, Food Square has partnerships with Versace for its flatware line, Entisi Chocolate for live stations and Oliveology for Italian food.

According to the contract, Salman Khan was to get a monthly rent payment of Rs 90 lakh in the first year and Rs 1 crore in the next year. The amount is then anticipated to rise by Rs 5 lakh, or Rs 1.05 crore for the third year, Rs 1.10 crore for the fourth year, and Rs 1.15 crore for the fifth year, respectively.

Salman Khan reportedly bought the property on Linking Road in Santacruz West, which consists of the lower ground floor, ground floor, first floor, and second floor, in 2012. Salman paid about Rs. 120 crores for the property with the intention of using it for business purposes. Salman Khan leased it to Food Hall later in 2017.

The National Company Law Appellate Tribunal (NCLAT), which heard a petition by Koinonia Coffee Pvt Ltd, which operates coffee shops in the former locations of the Food Hall outlets, reportedly declined to prevent the “Dabaang” actor from terminating the lease of the property in April. The coffee shop had filed a complaint with the tribunal, alleging that Salman Khan wanted to end the lease arrangement on April 30, 2023.