It’s not unusual for film actors and actresses in India buying real estate but what is unusual is the time of purchase during Covid 19.
The Maharashtra state government in 2020 announced reduction in Stamp Duty and the cut was substantial from the then ongoing 6% down to 2% if the property was bought before 31/12/2020 and Stamp Duty paid. Thereafter, till 31.3.2021 the Stamp Duty will be 3%.
If a common man purchases a home for 1 cr he would have ended up saving 3 to 4 lakhs but on an average ticket size of say 20 Cr the saving is substantial and it can go upto 60 to 80 lakhs.
Now this amount is sizeable to let it go from any standards and this is the chunky amount which a buyer wants as base negotiation in any deal so getting a good property coupled with good rebate of stamp duty has encouraged film actors to purchase real estate.
Besides, it’s also seen that some times the High Networth Individuals buy the properties in their company names and the EMI’s payable are off set against the tax as it is shown as a property for commercial use which is a good and efficient way to plan your taxes.
It’s a well known fact that a certain category of Actors etc have some kind of era of their own and there is a high in their life time where they make maximum money. This is is the time they invest in both real estate and equity and other ventures. Bollywood actors own the most gorgeous properties in Mumbai.
The list is endless and this gives them the aura and also a cushion for future when age sets in etc.
Each television actor or a good actor owns multiple real estate assets which over the time becomes their income generated assets.
They always pick up super premium properties and pent houses or large villas like in the case of Mr.Bachchan and Mr.Ajay Devgan who recently acquired Marquee properties.
In the past 1 year a lot of Bollywood stars like Mr.Hritik Roshan, Mr. Ajay Devgan, Mr. Amitabh Bachchan, Miss Alia Bhatt, Mrs. Sunny Leone, Mr. Arjun Kapoor and a lot of television industry Actors have acquired a lot of real estate in Mumbai and surrounding locations for future investment.
For Real estate mumbai this is good news as the flavour still remains intact for buying a super luxury house.
With stock markets going up a lot of Bollywood actors kitty has swelled and what better way to reinvest the yield along with the capital into the real estate market and once again affirming that the money from stock markets surely travels back to real estate market when ever the Sensex hits new high like it did on 31 May 2021.
Another interesting thing which has come to light is that most of the properties bought in the past 1 year has been between Bandra West and Andheri West once again reassuring the home buyers that this belt is the most sought after real estate belt in Mumbai besides Worli and Goregaon East which has properties developed by Oberoi Realty which is again Bollywood’s favourite developer in Mumbai.