Ashhar Alam/New Delhi
For most people living in big cities, owning a flat in a high-rise society comes with a familiar reality: monthly maintenance bills. From lifts and security to gyms and gardens, residents are expected to pay regularly to keep things running.
But in one rare Mumbai society, residents don’t pay maintenance at all. In fact, they earn lakhs of rupees every year simply for living there.
Sounds unreal? Welcome to Jolly Maker Apartments 1, located in Cuffe Parade.
A Society That Turned Homeowners into Earners
Built in the 1970s by the Jolly Group, Jolly Maker 1 is no ordinary residential complex. Spread across two 25-storey towers and 10 bungalows, the society houses around 180 flats, many of them spacious, sea-facing homes ranging between 1,285 and 2,590 sq ft.
What truly sets this society apart is its financial planning. Decades ago, homebuyers here were offered something unusual: commercial ownership in a separate building at Nariman Point, Mumbai’s prime business district.
How the Model Works
The Nariman Point commercial property today earns an estimated Rs 50 lakh in monthly rent. That rental income is not just used to maintain Jolly Maker 1, it also funds annual dividends paid directly to residents.
As a result:
Residents pay almost zero monthly maintenance
Municipal taxes and other charges are covered by the society
Flat owners receive yearly payouts running into lakhs
Residents reportedly pay just one paise per sq ft per month, a fraction of what neighbouring societies charge.
From Free Maintenance to Annual Dividends
Back in 2003, the society reportedly paid dividends of ₹100 per sq ft annually. By 2012, this figure had reportedly risen to Rs 300 per sq ft.
For perspective:
A 2,500 sq ft flat owner earned about Rs 2.5 lakh per year in 2003
By 2012, the same resident could earn around Rs 7.5 lakh annually
While there is no public data on recent dividend hikes, the society continues to be known as one of Mumbai’s most cash-rich residential complexes.
Property Prices Reflect the Prestige
The financial advantage is reflected in the property’s market value too. In 2012, one apartment reportedly sold for Rs 1.11 lakh per sq ft, fetching nearly Rs 29 crore. Even today, listings often quote prices well above Rs 75,000 per sq ft.
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A Rare Real Estate Masterstroke
Jolly Maker 1 stands as a rare example of how smart real estate planning can turn a home into a long-term income source. For its residents, buying a flat decades ago didn’t just mean securing a luxury address, it meant free maintenance for life and a steady annual income.
In a city where rising housing costs are the norm, this Mumbai society remains a fascinating exception.
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