Actor Abhay Deol is apparently facing financial crisis. The actor-filmmaker’s maiden production One By Two was made at a budget of Rs.9 Crore. So he had to mortgage his Juhu flat to take care of his money needs.
A public notice has been published in this regard. His apartment is located in Pandurang Co-operative housing society in Pandurang Wadi, Juhu.
No specific details of the amount of loan are available yet, the evaluation of the flat won’t be more than Rs 2-3 crore, according to reports.
According to sources, Mr. Deol’s monetary woes are a result of his maiden production One By Two doing terribly at the box office. Also, the film couldn’t gross money off its music because the producers had a tussle with the record label over contract issues.
Abhay Deol with 5 other people produced the film with the expenditure of Rs.8 Crore.
“I have availed a loan for which I had to give papers for this property as surety,” Mr. Deol confirmed.
A source close to the actor, said; “He is currently residing in another house of his in Santacruz. He is redoing his Goa property.”
If he fails to repay the loan, the bank would declare his property as a Non-Performing Asset, seize it, and later auction it off.
According to sources in the real estate industry, the flat is a 2BHK and its market rate is Rs 3-4 crores. The price in the neighbourhood is higher for apartments that face the sea.