Uncertain times had a debilitating impact on middle-class income during the COVID-19-induced lock down. On the other hand, since recent high-end investments by Indian business tycoons and Bollywood superstars, there hasn’t been much of an impact on the wealthy. They engaged in several blatantly extravagant real estate transactions. Bollywood star residences never fail to make an impression on millennials and Gen-Z, whether they purchase sea-facing apartments or invest in sky-high properties. However, prominent figures from Bollywood seized the chance when it presented itself and stepped out during the difficult COVID-19 period to close extremely expensive real estate deals. In turn, this has helped fuel Mumbai’s luxury market’s explosive growth.
In Mumbai’s struggling luxury house market, reductions in stamp tax, low borrowing rates, and a sharp drop in property prices during the pandemic have all significantly fueled a boom.
Let’s look at which celeb is profited from the preceding causes to purchase expensive, opulent residences during difficult times. Take a Look!
To be close to her beau Ranbir Kapoor, Alia Bhatt purchased a 2,460 sq ft condominium. She reportedly paid a hefty Rs 32 Crore for a flat on the fifth level of the same Bandra Pali Hill Vastu building during the lockout, even though Ranbir already had his bachelor pad on the seventh floor. This large residence appears to be very near to the Krishna Raj Bungalow owned by the Kapoor family. Alia Bhatt has made great strides and quickly attained the position of one of the leading Bollywood actresses. She has crossed off one of her “fantasy buy” fantasies from her bucket list, so she is undoubtedly on cloud nine right now.
A 3957 square foot home in Mumbai, India’s financial center, has been purchased for Rs 11.5 crore by former Indian fast bowler Zaheer Khan and Bollywood star Sagarika Ghatge of the Chak De India fame. According to reports, they spent Rs 37.4 lakh on stamp duty to purchase the Lower Parel house. The 40th and 41st floors of the building are where you’ll find this magnificent and outstanding duplex.
Making the most of the Stamp Duty Cut, former India speedster Zaheer Khan and his wife Sagarika purchase a property worth Rs. 11.5 crores.
Hrithik Roshan adores architecture and design and purchased A Sea-Facing Apartment for Rs. 100 Crore. If you have been living under a rock and are unaware of how the interiors of his and other Bollywood celebrities’ homes look, please read our previously insightful and well-curated blogs. Returning to Roshan’s recent purchase, we are in awe of his condo with a view of the ocean, especially considering that he spent a sizable portion of his funds to buy the 38,000-square-foot Juhu-Versova Link residence.
A pandemic may make it appear completely absurd to spend over Rs 100 crore on an opulent apartment. But the price appears reasonable when we consider the attention-grabbing features in his new B-town residence, including a private elevator, an extra-enormous luxury terrace, 10 parking spaces, a foosball table, a billiards table, and a chocolate vending machine. We fell madly in love with his brand-new sea-facing residence because of these stand-outs and the lavish eye candy.
Janhvi Kapoor, an actress, has invested a lot of money in a lavish property. To dispel the rumors surrounding her purchase, let us inform you that this wonderful apartment spans three stories and that it is situated in one of the city’s most opulent suburbs. A substantial sum, Rs 39 Crores, is the value of the opulent apartment.
Luxury residential real estate has always been the preferred asset class for celebrities and corporate bosses
Multinational corporations and famous people have always preferred the Indian real estate market as a place to invest. The support provided by various funds to the Indian residential real estate market last year is expected to rise by 12% this year. Worldwide, there are 32 million NRIs. Mumbai and Gurugram are the two major markets that have attracted the majority of these numbers.
To fit their lifestyle, NRIs have decided to invest in the luxury home market. One of the causes of the increased demand in the luxury market is also India’s rising income levels.
Compared to the developing market, investing in the luxury market in India should offer a better rate of gain. The demand for these residences among the wealthy means that investing in luxury real estate will provide greater lifetime rental yields.
Recent figures show that over the past two years, average monthly rents in the well-known luxury micro-markets in the top seven cities have climbed by 8–18%. Worli in Mumbai experienced the largest rental growth of 18% during the period, rising from INR 2 lakh per month in 2020 to INR 2.35 lakh in 2022 for luxury houses. Rajaji Nagar in Bengaluru had a 16% increase throughout the same time frame, going from INR 56,000 in 2020 to INR 65,000 in 2022.
But over the past two years, capital growth in these upscale housing markets has been low (between 2-9%). Rajaji Nagar in Bengaluru experienced the largest capital growth of 9%, with average prices jumping from INR 5,698 to INR 6,200 per square foot in 2022.
Investors and even those who are undecided are hastening their decision-making processes, while wealthy consumers from the specialist luxury housing category have continued to engage in high-ticket transactions.
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