MUMBAI: They earn hundreds of crores through movies, endorsements and stage shows. So when it comes to parking their stash, Bollywood biggies prefer to lean on, who else, but Mumbai's builders.
Property market and film industry sources said leading celebrities invest in residential and commercial projects or buy sprawling penthouses, row houses and bungalows for personal use. The preferred locations are in the suburb between Bandra and Andheri.
TOI has learned that investments can range from Rs 5 crore to upwards of Rs 50 crore each. Some of the Bollywood 'badshahs' are believed to have pumped in mega-bucks to purchase bungalow plots or booked a slew of duplex apartments in high-end towers. Builders who spoke to TOI said most stars insist on making "full cheque payment".
A plush home in an upmarket residential enclave is the ultimate style statement. Recently, former Miss Universe-turned actor Lara Dutta and her beau, tennis player Mahesh Bhupathi, closed a Rs 14 crore-deal for a 2,000 sq ft row house on Pali Hill. The property- called Shailja - comes with a lawn.
Last year, producer-director Karan Johar paid Rs 32 crore for a penthouse at Residency building in Khar's Union Park. In 2009, filmmaker and actor Farhan Akhtar purchased a bungalow at Bandra Bandstand (next to Westwind Society) for Rs 22 crore. Actor Shilpa Shetty and her businessman husband Raj Kundra bought a sea-facing bungalow near Juhu post office for Rs 45 crore from builder Sudhakar Shetty last year.
But even all the money in the world may not get you that dream home. Local property market sources said Katrina Kaif and Shahid Kapoor, too, are apartment-hunting in the Bandra-Khar area with a budget of over Rs 20 crore each. Aamir Khan has reportedly been searching or a bungalow plot in Bandra with a budget of over Rs 100 crore for the last two years.
Aamir Khan, Roshans Are All Major Players In Realty Sector
"He wants to build his home-cum-office from scratch," said a source. The 'Ghajini' star was to buy a housing society plot opposite the Rajesh Khanna garden at Santa Cruz. "The actor had offered to buy 22 flats in the society for Rs 1.5 crore each, but after the property market slumped he wanted the residents to reduce the price. But they refused," said a source.
The other big Khan, Shah Rukh, set up his new office building on 15th Road, Khar. The building costs Rs 150 crore at today's market value.
Director Rakesh Roshan and his son, Hritik, are one of the bigger investors in tinsel town. Sometime ago, they bought three floors in the Lotus Business Park opposite Fun Republic in Andheri west. More recently, they booked four offices spread across 18,000 sq ft in a commercial building in Jogeshwari east. The senior Roshan said, "I keep buying one floor here and there for our production purposes. I don't buy and sell."
Action hero Akshay Kumar is believed to be another big player. Real estate industry sources said Kumar invests his money in his friend, builder Vikas Oberoi's projects in the city. But Oberoi denied this, saying, "It's a myth. He has not put a single rupee in my project. People just talk because his mother owns a flat in one of my buildings."
Veteran script writer Salim Khan said he buys properties all the time for his family including his son, actor Salman Khan. Salman is believed to have invested an undisclosed amount in an old building at Bandra's Carter Road, which he plans to redevelop with a builder. The senior Khan, however, denied these reports. Salman also has bought a penthouse from Congress leader Kripashankar Singh's son Sanjay at Carter Road. Bollywood's blue-eyed boy John Abraham owns two buildings in Bandra and Khar. Sources said he bought a plot opposite Petit Girls High School at Union Park for Rs 22 crore in mid-2009. "I am very passionate about land. It is better than investing in the stock market. Even if there is a correction in land prices, the maximum it goes down is by about 20- 30%," he said.
Property consultant Chetan Narain said, "Many leading film stars have substantial stakes in upcoming premium projects between Juhu and Versova, and between Bandra and Worli. Property is a safe investment for them, but they only trust top-of-the-line builders," he said.
Property market and film industry sources said leading celebrities invest in residential and commercial projects or buy sprawling penthouses, row houses and bungalows for personal use. The preferred locations are in the suburb between Bandra and Andheri. TOI has learned that investments can range from Rs 5 crore to upwards of Rs 50 crore each. Some of the Bollywood 'badshahs' are believed to have pumped in mega-bucks to purchase bungalow plots or booked a slew of duplex apartments in high-end towers. Builders who spoke to TOI said most stars insist on making "full cheque payment".
A plush home in an upmarket residential enclave is the ultimate style statement. Recently, former Miss Universe-turned actor Lara Dutta and her beau, tennis player Mahesh Bhupathi, closed a Rs 14 crore-deal for a 2,000 sq ft row house on Pali Hill. The property- called Shailja - comes with a lawn.
Last year, producer-director Karan Johar paid Rs 32 crore for a penthouse at Residency building in Khar's Union Park. In 2009, filmmaker and actor Farhan Akhtar purchased a bungalow at Bandra Bandstand (next to Westwind Society) for Rs 22 crore. Actor Shilpa Shetty and her businessman husband Raj Kundra bought a sea-facing bungalow near Juhu post office for Rs 45 crore from builder Sudhakar Shetty last year.
But even all the money in the world may not get you that dream home. Local property market sources said Katrina Kaif and Shahid Kapoor, too, are apartment-hunting in the Bandra-Khar area with a budget of over Rs 20 crore each. Aamir Khan has reportedly been searching or a bungalow plot in Bandra with a budget of over Rs 100 crore for the last two years.
Aamir Khan, Roshans Are All Major Players In Realty Sector
"He wants to build his home-cum-office from scratch," said a source. The 'Ghajini' star was to buy a housing society plot opposite the Rajesh Khanna garden at Santa Cruz. "The actor had offered to buy 22 flats in the society for Rs 1.5 crore each, but after the property market slumped he wanted the residents to reduce the price. But they refused," said a source. The other big Khan, Shah Rukh, set up his new office building on 15th Road, Khar. The building costs Rs 150 crore at today's market value.
Director Rakesh Roshan and his son, Hritik, are one of the bigger investors in tinsel town. Sometime ago, they bought three floors in the Lotus Business Park opposite Fun Republic in Andheri west. More recently, they booked four offices spread across 18,000 sq ft in a commercial building in Jogeshwari east. The senior Roshan said, "I keep buying one floor here and there for our production purposes. I don't buy and sell."
Action hero Akshay Kumar is believed to be another big player. Real estate industry sources said Kumar invests his money in his friend, builder Vikas Oberoi's projects in the city. But Oberoi denied this, saying, "It's a myth. He has not put a single rupee in my project. People just talk because his mother owns a flat in one of my buildings."
Veteran script writer Salim Khan said he buys properties all the time for his family including his son, actor Salman Khan. Salman is believed to have invested an undisclosed amount in an old building at Bandra's Carter Road, which he plans to redevelop with a builder. The senior Khan, however, denied these reports. Salman also has bought a penthouse from Congress leader Kripashankar Singh's son Sanjay at Carter Road. Bollywood's blue-eyed boy John Abraham owns two buildings in Bandra and Khar. Sources said he bought a plot opposite Petit Girls High School at Union Park for Rs 22 crore in mid-2009. "I am very passionate about land. It is better than investing in the stock market. Even if there is a correction in land prices, the maximum it goes down is by about 20- 30%," he said.
Property consultant Chetan Narain said, "Many leading film stars have substantial stakes in upcoming premium projects between Juhu and Versova, and between Bandra and Worli. Property is a safe investment for them, but they only trust top-of-the-line builders," he said.
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