Foodhall is a one-stop destination for luxury grocery, cafe and gifting services. Unknown to many, the Santacruz property rented by this luxury grocer is owned by Salman Khan. However, reports say that the actor is ending the contract with Foodhall and renting the place to some other organisation!
Salman Khan To Rent Santacruz Property To Food Square
Few people are aware that Salman Khan owns a four-storey commercial building in Mumbai’s Santacruz neighbourhood. The actor purchased the property in 2012 for approximately ₹120 crore with the express objective of using it for business purposes. According to rumours, Kishore Biyani’s Future Group supported the retail brand Foodhall and his father Salim Khan had a deal in place for the property.
According to the arrangement, the rent would start at ₹80 lakh per month for five years before rising to ₹89.60 lakh per month after that. Additionally, the group had made a ₹2.40 crore deposit. The contract was extended for a further two years after the initial five years, with the second year’s rent being ₹94.01 lakh per month.
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Salman Khan reportedly wished to end the contract owing to unpaid debts, and after contacting the National Company Law Appellate Tribunal (NCLAT), his request was granted. In fact, Salman Khan and his family are said to have found a partner and have agreed to rent the space to LandCraft Retail, the owner of Food Square, for a cost of ₹1 crore a month.
Teamed With High-End Stores
Mayank Gupta, general director and co-founder of Food Square stated they are farmer-entrepreneurs-founders operating large-scale aquaponics and sustainable soil-based farms in different parts of Maharashtra for more than five years.
Food Square has teamed with a variety of businesses for the high-end store and will mostly mimic the product selection and services that Foodhall provides. For instance, it collaborates with Versace on its cutlery line, Entisi Chocolate’s live stations, and Oliveology’s Italian cuisine.
Although artisanal and gourmet food has significant profit margins, most businesses have trouble breaking even because of the ineffective supply system for fresh fruit and expensive real estate. However, LandCraft emphasised that they had been a seller for more than five years, producing and distributing fresh food to more than 200 supermarkets in Western and Southern India.
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They claimed that this may increase the retail business’ profitability.
Cover Image Courtesy: @Sahilinfra2/ X & Salman Khan/ Instagram