Jeetendra, who was once one of Bollywood’s most bankable and highest-paid stars, has also built a successful reputation as a real estate developer over the years. His entry into the property business, however, began with a remarkable deal involving legendary actor Bharat Bhushan, whose financial downfall forced him to sell his prized Pali Hill bungalow for a fraction of its present-day value.Bhushan, celebrated for classics such as Baiju Bawra, was battling severe financial difficulties when he sold the sprawling property to Jeetendra for just Rs 4.25 lakh. Having lost much of his fortune, the veteran actor was compelled to part with his bungalow and cars before eventually dying in poverty.The land where the bungalow once stood is now estimated to be worth nearly Rs 450 crore. Ironically, despite acquiring the property at an incredible price, Jeetendra moved out shortly afterwards because he associated it with a streak of box office failures that followed the purchase.Jeetendra recalled how the opportunity unexpectedly came to him. He said in an interview with The Reality Drive, “There was this huge star in those days who had done films like Baiju Bawra. He came to me with the offer to buy his Pali Hill bungalow. When I spoke to my father, he said, ‘Let’s also buy a bungalow.’ Until then, we had lived a very lower-middle-class life. I used to live in a 20×10 room; eight people stayed together in a chawl in Girgaum. So buying a bungalow was a huge thing for me.”The veteran actor said he ultimately bought the bungalow, which stood on a 3,450-square-foot plot, for Rs 4.25 lakh. “I finally bought the bungalow for Rs 4.25 lakh. What was even more shocking was that it came with a 3,450 sq ft plot at the same price. We shifted there, but suddenly four of my films flopped. I told my father, ‘Bharat Bhushan ran away from here, now I think it’s my turn. If this continues, my career will end before it has properly begun.’ My father agreed, and we moved out.”Around the same period, Jeetendra also invested in another property at Cuffe Castle, where he purchased a floor for just Rs 55 per square foot. Although he abandoned the Pali Hill bungalow because he believed it brought him bad luck, the investment eventually turned into one of the most rewarding financial decisions of his life. When a developer later approached him with a redevelopment proposal, Jeetendra agreed without hesitation.“Someone later approached me to redevelop the bungalow. I agreed. You won’t believe it, but when it was demolished, I received Rs 11.5 lakh just for the Burma teak used in its construction. I had bought the entire bungalow for Rs 4.25 lakh and earned Rs 11.5 lakh from the wood alone.” The earnings from selling the Burma teak alone were almost three times what he had originally paid for the entire property, even before the land itself generated returns.Looking back, Jeetendra felt Bharat Bhushan had been forced into an unfortunate decision because of his financial circumstances. “Just imagine how naïve Bharat Bhushan was to sell such a premium property for Rs 4.25 lakh. He was in a very difficult situation and missed a huge opportunity. He could have earned separately from the land and the building, but he wrapped up the entire transaction in just two days.”The experience, he says, laid the foundation for his long-standing interest in real estate development. “Later, I redeveloped the property into Gautam Apartments. I sold the flats for Rs 85 per square foot because I was in a hurry. I was worried nobody would buy them later.” His son, actor Tusshar Kapoor, highlighted how dramatically the property’s value has appreciated over time. “Today, flats there sell for around Rs 85,000 per square foot.”Jeetendra added, “The land alone on which the building stands is worth nearly Rs 450 crore.” According to property portal NoBroker, Gautam Apartments, located on Nargis Dutt Road in Mumbai’s upscale Pali Hill neighbourhood, consists of 82 two-bedroom apartments measuring approximately 1,175 square feet each. Based on Jeetendra’s account, the flats were sold for nearly Rs 1 lakh apiece, generating an estimated Rs 82 lakh in sales. Combined with the Rs 11.5 lakh earned from the sale of the Burma teak, the redevelopment became an exceptionally profitable venture.Over the decades, the property’s value has multiplied many times over. Today, individual apartments in Gautam Apartments are valued at several crores, while the land itself is estimated to be worth around Rs 450 crore, taking the overall value of the property to well over Rs 500 crore.
