‘Celebrity Craze’ Bringing 10-15% Hike in Property Prices

March 20, 2007	(Be the first to rate this story!)  Loading ...
Print This Story   Email This Story Subscribe Newsletter

25% of the real estate buyers in the much-talked about residential complex, The Palm in Dubai and Britain, are British. Interestingly, appeal of the township is not what has grabbed their attention but the social milieu. The famous football player and heartthrob, David Beckham and his friends have bought some villas here.

The passion for such exclusive property is not limited to abroad. It can be seen among our very own Bollywood actors. Shahrukh Khan too has reportedly purchased property in manmade island, a reason why the project is evincing large interests in India.

A leading businessman has bought a plot in DLF Gurgaon just to become a next door neighbor of his idol, Virendar Sehwag, even though the road next to the plot was only 9 metres wide. The properties surrounding the houses of celebrities are witnessing a hike. A house next to the home of famous cricketer Gautam Gambhir in the Northern Extension area of Old Rajinder Nagar, New Delhi has fetched a whopping Rs. 1.75 lakh per gaz against its market rate of Rs 1.5 lakh per gaz.

Indeed, most affluent people jostled hard to get property on the outskirts of Delhi mainly owing to the fact that the filmstar Rekha had shifted there. Industry watchers feel that a 10-155 increase is acceptable when any famous personality lives in the same apartment or road. Moreover, celebrity purchasing property is often seen as a powerful tool in the hands of property developers, which gives them a chance to bring a further increase in their built properties. However, celebrities only opt for high end property where facilities and security go hand in hand.

The scenario is common in Mumbai, the glamour city. Apartment complexes where filmstars live become exclusive and start fetching 10-15% more than the prevalent market price, which is no wonder.

News Published Under:   Real Estate India |

Comments