India's real estate market is experiencing a boom post-COVID, with rising demand and pricing. Builders are leveraging celebrity purchases in metro cities like Mumbai, Bengaluru, and Delhi to attract buyers, touting these deals as unique selling points. The allure of living near stars stems from a false sense of familiarity and perceived social advantage, fuelled by public access to their personal lives. However, stars often bring challenges: heightened security, paparazzi, large entourages, and frequent visitors. While living near a celebrity may seem appealing, buyers should weigh the potential drawbacks of such proximity, valuing peace and community well-being over other perceived advantages.
Real estate in India is booming. After several slump years, the market is now enjoying a much-needed recovery post-covid, with market studies indicating a steady increase in demand and pricing. Builders are capitalizing on this with new launches, exciting discounts and unique promotional tactics to entice buyers. A popular ploy amongst builders in metro cities is the use of celebrities. Now this isn't a generic brand endorsement - that has been done to death. Clever salesmen are casually touting names of celebrity clients that have purchased properties in their project to prospective buyers which, in their opinion, always piques the buyers' interest. Why so? Because who does not want to live next door to a star?
Mumbai is home to some of the biggest stars in India. Several superstars own palatial mansions in the heart of the city, while others own and rent luxury apartments in gated communities. Until recently, the public had very little access to their favourite stars. However, with the advent of technology, we now get daily glimpses of their personal lives. Easy access to such information can create a false sense of familiarity. This has resulted in a misconception amongst many that living in close quarters with a star can be advantageous to them.
Stars: be they actors, musicians, sportspersons or notable businessmen always come with baggage - additional security requirements, unwanted paparazzi, a barrage of personal staff and in most cases a constant influx of visitors. A few years ago, a leading newspaper in India published a scathing article discussing problems faced by neighbours of renowned celebrities in Mumbai and Bengaluru. The stories included instances of violence, a breach of privacy and rampant misuse of common spaces. This is not an Indian but rather a global phenomenon. One can find multiple reports of celebrities in London, New York and LA creating a ruckus in and around their homes, pushing neighbours to file complaints, call for police back up and in many cases sue for damages. Whether it's their wild parties, constant renovation, large security detail or an overspill of their profession in the form of loud rehearsals, stars can be largely unmindful of how their lifestyle impacts those living near them.
In some instances, it is not so much the celebrity in question that poses a danger but the entourage they bring that carries the potential of becoming the very bane of your existence. It is not uncommon to hear of instances where staff members of celebrities have misbehaved, occupied public spaces without consent and belittled other members by preventing them from using the common elevator, gym, or parking slots. This tends to leave other society members feeling slighted by the blatant disregard of their personal space, though they might have paid an equally large amount in acquiring the adjacent apartments.
The second half of 2024 witnessed a frenzy of big-ticket real estate deals made by famous personalities in the metro cities of Mumbai, Bengaluru and Delhi. These celebrities have invested in everything from plotted land, independent houses to commercial spaces and ultra luxury flats. Mumbai being the centre of this activity, some actors have allegedly shelled out astronomical prices of over INR 100 crore for a single unit. Builders have benefited from these celebrity purchases by turning them into an added incentive for regular folk to buy into their projects.
A great society is one in which all members can peacefully co-exist and combine forces to meaningfully contribute to the welfare of the society. It is one where every member, famous or otherwise, is treated with respect and dignity. While the prospect of rubbing shoulders with stars might seem exciting, it should not come at the cost of your emotional well-being. Therefore, the next time you hear about a star moving in next door, tread with caution as stars are best viewed from far.
Very interesting read. Is it true that builders often charge a premium for such flats?
Very interesting!
Advertisement
Facebook
Whatsapp
