Mumbai Real Estate
Interest in property purchases in the country’s financial capital
The growth of the market there is the main reason
It is natural for film stars to invest in real estate. They typically purchase properties in places where their investments will grow quickly. In this context, actors and producers from South India are now turning their attention to Mumbai. Experts attribute this to the growth in market prices there. With South Indian actors and films gaining widespread popularity across the country, the focus has shifted towards this region. Successful films like Baahubali, RRR, KGF, Ponniyin Selvan, Kalki 2898 AD, and Kantara have led to an increasing trend of South Indian film stars, directors, and producers spending more.
At the same time, there has been a rise in the rush to purchase properties in Mumbai. Film celebrities often spend significant time in Mumbai for shooting schedules and other work. As a result, instead of staying in hotels, they are more inclined to buy property. Additionally, with the rising property prices in Mumbai, there are greater opportunities to liquidate these properties. As a result, more people are now interested in buying property in Mumbai.
Tamil film producer K.E. Gnanavel Raja’s Studio Green Films Private Limited has purchased a 3,414 square foot apartment in Andheri West, Mumbai, for Rs 15 crore this year. The deal also includes three car parking spaces. Additionally, Malayalam actor and film producer Prithviraj Sukumaran’s production house, Prithviraj Productions Limited, has acquired a duplex in the Pali Hill area of Mumbai for Rs 30.6 crore. This property is located in the Narayan Terrace building in Bandra’s Pali Hill and spans 2,970 square feet.
It also includes four car parking spaces. The stamp duty for the registration amounted to Rs 1.84 crore, along with a registration fee of Rs 30,000. Pali Hill is a premium address where many Bollywood stars and high-net-worth individuals purchase homes. The price per square foot in this area exceeds Rs 1 lakh.
There have also been reports suggesting that actor Suriya, who starred in the film Kanguva, decided to move to Mumbai for personal reasons. Actor R. Madhavan, known for his role as Maddy, also purchased a property in Mumbai’s Kurla Complex area. He bought a 4,182 square foot apartment for Rs 17.5 crore. Samantha Ruth Prabhu, who resides in Hyderabad’s Jubilee Hills, purchased a 3BHK property worth Rs 15 crore in Mumbai last year. Actress Rashmika Mandanna also bought an apartment in Mumbai last year.
Real estate experts believe that many actors, directors, and producers from South India prefer to buy another home in Mumbai to expand their property portfolios. They also pointed out that the real estate market in Mumbai is growing faster in value compared to other markets. Additionally, South Indian films have now become pan-India films, which has led to actors, producers, and directors frequently traveling to Mumbai for shootings and meetings. Due to this, experts suggest that buying property in Mumbai is considered a better option than staying in hotels or renting houses for their frequent visits.
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