The Mumbai real estate market is the most expensive market in India, and some of the most expensive residences are held by Bollywood stars, although many aspiring performers prefer to rent a flat rather than buy one.
While numerous actors, including
Amitabh Bachchan and Shah Rukh Khan, own and reside in opulent beachfront villas in micro markets like Juhu and Bandra, Mumbai is also a place where Madhuri Dixit once rented an apartment.
A more recent example is Mala Tiwari, the mother of actor Kartik Aryan, who rented a 3,681 sq ft flat from actor Shahid Kapoor in January 2023. The flat was available for a monthly rent of Rs 7.5 lakh and a security deposit of Rs 45 lakh for a period of 36 months.
In another February 2023 transaction, actress Aditi Rao Hydari rented a flat from actress Malaika Arora for three years at a monthly rent of Rs 2.31 lakh and a deposit of Rs 20 lakh.
Bachchan rented his duplex apartment in Mumbai to actress Kriti Sanon for Rs 10 lakh per month for two years in 2021. Sanon has paid a Rs 60 lakh security deposit.
So, why do Bollywood celebrities live in apartments?
According to real estate brokers, film stars and Bollywood celebrities have to maintain a particular lifestyle, therefore they prefer renting and relocating into newer flats on a regular basis, which saves them a lot of money and also keeps them light when it comes to blocking capital.
Ravi Kewalramani, director of RK Mumbai Realtors said, "I've had many clients who work in Bollywood, including TV serial actors, actresses, movie stars, and film directors." A-listers and A+ listers are at the top of the list. The majority of these people come to Mumbai from their hometowns where they might own their property, but here they choose to rent because of the lifestyle,"
"Most of these A and A+ lister stars want a sea-view flat or a luxurious property that costs Rs 25-30 crore or even Rs 40-50 crore, which they may not be able to afford all at once. However, they can rent it for Rs 5-6 lakh or Rs 8-10 lakh per month, which they can still afford."
What about TV personalities and newcomers?
Kewalramani also explained, "Furthermore, there are a lot of TV serial actors and actresses who earn a lot of money and can afford to rent out luxury properties, but many people here own a house but only a 1BHK, 2BHK, or 3BHK." They rent mainly because of one thing, they are coming from outside Mumbai and they are unsure about the workflow, so rather than putting huge capital into buying an apartment, they would rent it out for two, three, or five years in Mumbai,"
"People who rent apartments include strugglers who are experimenting," he continued. They are frequently supported by their parents, therefore they limit themselves to renting out
apartments and keeping the rent as low as possible."
