Bachchans, Janhvi lead Bollywood's real estate deals in Mumbai

So much so that the Bachchans bought more than double the combined area bought by the next top four celebrities, with their total purchases accounting for a third of the total number of celebrity real estate transactions since 2020, according to Square Yards.

Closely following the Bachchan family was actor Janhvi Kapoor, who paid approximately ₹170 crore, but for a more ‘modest’ 18,550 sq. ft. Celebs couples like Ajay Devgn and Kajol, and Ranveer Singh and Deepika Padukone also joined the bandwagon, investing more than ₹100 crore on prime properties all over Mumbai.

Square Yards’ data is on the basis of properties registered with the Maharashtra government’s department of registration and stamps.

What’s drawing the stars to realty? “Our insights indicated that while celebrities are diversifying their portfolios across asset classes, residential properties have emerged as the clear favourite," Kanika Gupta Shori, founder and COO, Square Yards, said. “Areas like Oshiwara, Bandra, and Juhu have seen the most activity, making up nearly three-quarters of these deals."

Sharan Babani, director of development and sales and acquisitions at Satguru Builders, said that celebrities and A-listers have always gravitated towards areas like Bandra and Juhu. “The entire industry is centred between Bandra and Oshiwara, so naturally, they tend to stay around here. With all the studios and casting locations nearby, that’s what makes these areas so popular."

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To be sure, the Bachchans have also made a beeline for Magathane (Borivali East), where the family bought at least eight residential properties in Oberoi’s Sky City in 2024 alone.

Emails and calls made to the celebrities did not elicit a response till press time.

Who else is buying?

Several other prominent Bollywood figures such as Shahrukh Khan, Shilpa Shetty, Akshay Kumar and Aishwarya Rai have actively invested in various real estate ventures recently, Mint had reported earlier.

Celebrities like Hrithik Roshan, Rani Mukherjee, Alia Bhatt and Disha Patani have also been involved in high-profile transactions, particularly focusing on luxurious and upscale properties.

Since 2020, the price bracket for most celebrity purchases has ranged between ₹0.5 crore and ₹10 crore. While the majority fall within these limits, some transactions have crossed ₹60 crore, according to Square Yards.

“The increased demand for prime properties in Mumbai, fuelled by high-profile purchases, will be one of the factors impacting prices in the city’s micro-markets," said Anshuman Magazine, chairman and chief executive, India, South-East Asia, Middle East & Africa, at commercial real estate services and investment firm CBRE. “As demand increases for a limited supply of high-quality properties, prices will have a ripple effect, influencing adjacent micro markets and Mumbai's overall real estate market."

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Mumbai recorded the third highest year-on-year growth in prices of prime residential properties in the first quarter of 2024, up three places from Q1 2023, according to global property consultancy firm Knight Frank’s ‘Prime Global Cities Index Q1 2024’ report.

The report showed that property prices in Mumbai grew 10% in 2023-24, largely due to the rise in demand in the city. Although the demand was strong for all segments, it was primarily driven by sale of higher-value properties.

It's about the rent

Nearly 62% of these celebrity transactions recorded by Square Yards were in the residential sector, 33% in commercial real estate, according to Square Yards.

“Aside from luxury and privacy, such properties offer celebrities a smart investment strategy that provides a hedge against market volatility and inflation, along with gains through price appreciation or rental income," Shori said. “Commercial real estate is also gaining momentum, with celebrities eyeing multiple properties in key micro-markets for reliable rental returns."

Ajay Devgn leased out his commercial office space in the Andheri area of Mumbai, Mint reported earlier this month. Devgn’s office is in the Signature tower, developed by Lotus Developers. The leased property spans 3,455 sq. ft (321 sq. metre) and includes three car parking spaces. Devgn and Kajol own multiple properties in the tower.

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Other celebs including Amitabh Bachchan, Sara Ali Khan, and Kartik Aaryan have also invested in commercial properties in the same project.

Since 2020, Ajay Devgn and Kajol have spent over ₹110 crore to buy 18,520 sq. ft of residential and commercial spaces in Mumbai.

Not everyone wants to live next to their heroes

Staying in a building with Bollywood’s who’s-who might not be everyone’s cup of tea. Residents are sometimes irked by the idea of celebrity idiosyncrasies and paparazzi near their homes.

For that reason, celebrity interest in a particular building or society might not result in an appreciation of demand and or a rally in prices, said Anuj Puri, chairman of Anarock Property Consultants Private Limited.

Others agree. “I don't believe celebrity interest affects pricing in any building because we live in Bombay (Mumbai). We're generally used to seeing celebrities everywhere," said Babani of Satguru Builders. “In our buildings, it really doesn't make a difference to the neighbours whether it's a celebrity or not because, honestly, the person moving in has a similar net worth."

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