The 250 square foot ground floor flat is a short drive away from Juhu.
The Jai Ho Trust, named after the film''s award-winning track and set up by the producers, bought the Rs.21 lakh home on Ismail's behalf and will give it to him when he turns 18.
'We really thank the organisation because of which we have got this home,' said Ismail's sister Pinky Shaikh.
Meanwhile, the child actor's neighbors said they were happy to see a star shifting to their neighbourhood.
'We are feeling really good that a star has come to reside as our neighbour,' said Kamini Patkar, a neighbour.