Amitabh Bachchan has purchased a plot of land from HoABL with plans to construct a luxury villa in Alibaug. Joining the trend, other Bollywood celebrities like Suhana Khan and cricketers such as Virat Kohli are also investing in the flourishing real estate market of Alibaug, situated near Mumbai.
According to individuals familiar with the matter, Bollywood actor Amitabh Bachchan has purchased a plot of land in Alibaug, near Mumbai's financial hub, to construct a luxury villa in the renowned beach town known for its sea-view properties owned by affluent personalities.
"One of the sources stated, 'The actor has acquired the land parcel spanning a quarter of an acre from The House of Abhinandan Lodha (HoABL) for over Rs 10 crore, and the transaction was officially registered late last week.'"
In January, the esteemed actor acquired another plot of land within a 7-star mixed-use development by the developer to construct a residence near the recently inaugurated Shri Ram Janmabhoomi Temple in Ayodhya.
The Bachchan family possesses multiple properties, including the prestigious bungalows Jalsa, Prateeksha, and Janak, situated in Mumbai's affluent Juhu neighborhood. Among these, Bachchan and his wife recently gifted their opulent bungalow, Prateeksha, to their daughter Shweta Nanda.
In December, ET reported that the actor leased out four office properties, encompassing an entire floor in a commercial tower in the Oshiwara area of Mumbai's Andheri suburb, to the music entertainment company Warner Music India. The lease agreement is long-term, spanning five years.
Real estate remains a top choice for investments among high-net-worth individuals, with Bollywood personalities actively acquiring properties not only for personal use but also as lucrative investment opportunities.
Several industrialists, corporate leaders, Bollywood stars, and sports figures have invested in properties in the scenic coastal town of Alibaug, leading to an upward trend in prices.
Actress Suhana Khan, daughter of Bollywood icon Shahrukh Khan, recently acquired a property in this coveted beachfront location, favored by Mumbai's affluent elite. This marks her second deal in the area within the past eight months. Last year, Khan also purchased another plot of land spanning 1.5 acres in Alibaug.
Due to its proximity to the country's commercial capital, Alibaug has become a prominent destination for celebrities and high-profile individuals.
Bollywood power couple Ranveer Singh and Deepika Padukone have recently joined the list of investors in this region, along with other notable personalities like Sachin Tendulkar and Rohit Sharma. In 2022, cricketer Virat Kohli and his actress wife Anushka Sharma jointly acquired an 8-acre plot here.
Government initiatives aimed at enhancing connectivity between Mumbai and Alibaug are driving real estate development in the area, increasing its appeal among developers, homebuyers, and investors.
Previously, limited connectivity hindered real estate growth in Alibaug. However, with various infrastructure projects underway, travel time is expected to significantly decrease from over three hours to just over an hour.
Key infrastructure projects such as the Virar-Alibaug corridor, roll-on-roll-off (RORO) service from Mumbai, Mumbai Trans-Harbour Link (MTHL), widening of Mumbai-Goa Road and Vadkhal Alibaug Road, and Virar-Alibaug Multimodal Corridor are anticipated to stimulate development and investment in the region.
India's luxury real estate segment has emerged as a driving force for the sector post-pandemic and continues to gain momentum. With the increasing number of high-net-worth individuals in the country and growing interest among non-resident Indians (NRIs) to invest in properties back home, the demand for high-end properties is on the rise.
Source: Economic Times
