The Bollywood Effect – How the Film Industry Shaped Mumbai’s Luxury Real Estate Market
What You Need to Know
- 4 April, 2024
Mumbai, the city of dreams, has long been defined by Bollywood. As home to the world’s largest film industry, the city’s culture, lifestyle, and even real estate have been profoundly shaped by Bollywood’s glitz and glamour. This effect is most prominent in Mumbai’s luxury property landscape, which has evolved to cater to the tastes of stars and now attracts buyers worldwide seeking a piece of that stardust.
In the past, Mumbai was dotted with lavish sea-facing bungalows and expansive apartments where the stars resided. Iconic locales like Bandstand and Juhu exemplified this old-world opulence. However, as security and privacy concerns grew, celebrities started moving into gated communities with state-of-the-art amenities. Townships like Lokhandwala Complex and Beverly Hills offering round-the-clock security and facilities like gyms, pools and golf courses became the new status symbols.
Bollywood’s expanding global footprint has also positioned Mumbai as a luxury realty destination for international investors and NRIs. The presence of film stars and production houses gives Mumbai an unparalleled glamour quotient that foreign buyers want to be a part of. Luxury developers are increasingly targeting this segment by hiring Bollywood stars for promotions and events.
Developers also leverage celebrities via endorsements to enhance their brand value. When stars like Akshay Kumar, Deepika Padukone or Ranbir Kapoor become the face of projects like Omkar 1973 or Lodha’s World Towers, it creates buzz and recall among HNI buyers. Luxury homes become associated with exclusivity when celebrities are attached.
The demand has intensified competition between luxury developers. Each aims to create a distinct identity through opulent features and tie-ups with Bollywood. As Mumbai’s realty market becomes synonymous globally with its film industry, these branding efforts and lifestyle-driven designs will become even more pivotal for success.
Bollywood’s affinity for Mumbai real estate continues with recent deals showing their penchant for spacious homes in Mumbai. Amitabh Bachchan gifted his Juhu bungalow Prateeksha to daughter Shweta while buying Andheri apartments to earn rental income. Jacqueline Fernandez almost bought a Rs.25 crore Madhu Park penthouse in Mumbai but wanted more customization flexibility. Sonakshi Sinha moved into a 4000 sqft Bandra sea-view apartment. Virat-Anushka rented an 8000 sqft Juhu home for Rs.10 lakh monthly rent. Hrithik Roshan bought an 18,000 sqft Juhu penthouse for over Rs.100 crores. Ranveer Singh sold Goregaon flats for Rs.15 crores and bought a Bandra sea-view penthouse with Deepika Padukone. Alia Bhatt purchased a Rs.35 crore Bandra property. Priyanka Chopra sold her two Lokhandwala penthouses for Rs.6 crores. Godrej acquired Raj Kapoor’s Chembur bungalow for Rs.100 crores to redevelop it into a luxury project.