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Compelled to mortgage: Abhay in financial crises?

Bollywood actor Abhay Deol is facing financial problems after his maiden production 'One By Two', flopped miserably. The star has availed of a loan against his property

Bollywood actor Abhay Deol has had to mortgage his Juhu flat to take care of his financial worries. A public notice in this regard has been published.
The apartment is located in Pandurang Co-operative Housing Society in Pandurang Wadi, Juhu. While no specific details of the loan amount are available, the evaluation of the flat won't be more than Rs 2-3 crore.

Sources said his monetary woes are a result of his maiden production One By Two doing terribly at the box office. Besides this, the film couldn't earn money off its music, because the producers had a tussle with the record label over contract issues.

The expenditure on the film was Rs 8 crore; Deol produced it with five other people. Confirming the matter, the actor said, `I have availed a loan for which I had to give papers for this property as surety.` A source close to Deol added, `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 R3-4 crore. The price in the neighbourhood is higher for apartments that face the sea.


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