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While Bollywood stars have been in the news for buying apartments across several luxury projects in Mumbai, there are several real estate developers who prefer selling their luxury flats to industrialists or high net worth individuals (HNIs) from non-Bollywood background, boutique developers HT.com spoke to said.
According to developers of two boutique luxury real estate projects, HNIs often purchase apartments priced at โน50 crore and above where they expect privacy and do not want the building to be in the limelight.
Several HNIs comprising industrialists, CEOs or CXOs prefer apartments in luxury buildings but not a project which is known to house Bollywood stars, experts said.
Also Read: From Karishma Kapoor to Amitabh Bachchan, hereโs why Bollywood stars prefer to invest in commercial properties
Are Bollywood stars the last priority for developers of boutique luxury projects?
A developer of a luxury project in Central Mumbai told HT that often Bollywood stars add to the โdisturbance quotientโ in a housing project where several high net worth individuals reside.
“I am constructing 12 luxury apartments with sea-facing views and the ticket size is anything between โน50 crore to more than โน100 crore in case of duplex and triplex units. The clients that I am targeting are those who want privacy. These people prefer to reside with like-minded people in the housing society,” a developer not wishing to be named told HT.com
“If I sell one of my apartments to a Bollywood star, there may be a lot of paparazzi attention around it. There will be fans and visitors hovering in the complex all the time which may disturb other members in the society. So, I will not sell one or two apartments to Bollywood stars out of fear that my other 10 apartments may not be sold easily. I may perhaps close the deal with a Bollywood star after the majority of the sales are done but not initially,” the developer added.
Another developer constructing boutique luxury apartments in the Bandra area of Mumbai said that their firm gets more interest from HNIs other than Bollywood stars.
“Luxury apartments that are above โน50 crore or above โน100 crore are not easy to sell compared to say a 2 BHK apartment which sells like hot cakes in Mumbai in the โน2 or โน3 crore price range,” the developer from Bandra not wishing to be named said.
โHomebuyers with a โน50 crore budget may prefer to reside in a project that offers several amenities and opportunities to socialize with others. There are quite a few HNIs who wish to safeguard their privacy. A couple of Bollywood stars had paid a visit to my project but selling a unit to them will be my last option,โ said the developer.
Also Read: Cricketer Shreyas Iyer is not the only one to have bought a 500 sq ft apartment in Mumbai
Several projects in Mumbai known to be address in themselves
There are several buildings in Mumbai that are known to house Bollywood stars. These buildings are located in areas like Bandra, Khar, Lokhandwala in Andheri, Worli among several others.
Two projects by Oberoi Realty in Borivali and Worli shot into the limelight after it was reported that both Abhishek Bachchan and Shahid Kapoor own apartments there. Kareena Kapoor Khan resides in a building named Satguru Sharan in Bandra area of Mumbai and that has become an address in itself.
The trend is not limited to residential real estate projects but holds true for commercial commercial buildings in Mumbai.
Several Bollywood stars like Amitabh Bachchan, Manoj Bajpayee, Sara Ali Khan, Kartik Aaryan, and Ajay Devgn own commercial space in the Signature building in Andheri area of Mumbai.
Also Read: 5 Bollywood stars who own commercial units in the same building of Mumbai
Developers do not say no to business
Developers generally do not turn down business but their decision can often vary based on specific circumstances and the projectโs location.
In areas like Worli, located in Central Mumbai, industrialists dominate the luxury real estate market. In contrast, neighborhoods like Juhu and Bandra have several boutique luxury projects where Bollywood stars live. Therefore, it is not accurate to say that developers categorically refuse to sell homes to Bollywood personalities,” said Fatima Saidi, Luxury Head Mumbai of ANAROCK, a real estate consultancy firm.
“Industrialists typically have larger families and look for spacious units ranging from 8,000 to 16,000 square feet. On the other hand, Bollywood stars usually have smaller housing needs. This difference means that boutique projects may appeal more to them, as they often offer smaller units compared to large gated luxury communities. Moreover, the preference of Bollywood stars is primarily concentrated in Bandra and Juhu, making them less likely to consider properties in Worli or Central Mumbai. Ultimately, developers understand their target buyers and tailor their offerings accordingly,” Saidi added.
Real estate investments by Bollywood stars
According to data collated by SquareYards, a real estate consultancy firm, residential and commercial real estate are preferred investments for HNIs and Bollywood stars.
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While celebrities prefer to diversify their portfolios across asset classes, residential properties remain the clear favorite, making up 62% of all transactions. Commercial real estate is also gaining momentum, with celebrities eyeing multiple properties in key micro-markets for reliable rental returns, according to SquareYards.
Also Read: Bollywood star Akshay Kumar’s sister buys two luxury flats for โน72 crore in Mumbaiโs Juhu area
Between 2020 and 2024, Bollywood star Amitabh Bachchan topped the list with โน194 crore investment into real estate; Jhanvi Kapoor has invested โน169 crore; Ranveer Singh, Deepika Padukone and family has invested โน156 crore in real estate; Ajay Devgn and Kajol have invested โน110 crore and Shahid Kapoor has invested โน59 crore, according to the data compiled by SquareYards.
