The 9-year-old actor, who played a young Salim in "Slumdog Millionaire," and his family were given the Mumbai property through the Jai Ho Trust created by the 2008 film's producers, the BBC reported Saturday.
"I like it here, it is really nice. But I will miss my old friends back in Bandra. Maybe I will go and visit them once a while," Ismail said.
The plight of Ismail's family came to light thanks to "Slumdog," which followed a poor Indian child as he rose from the slums to a successful appearance on India's version of "Who Wants to Be a Millionaire?"
The trust created by the producers of the Danny Boyle-directed movie are still searching for a new home for Ismail's co-star, Rubina Ali, the British network said. Ali played a young Latika.