 "A house for Mr Bachchan")
A short walk from Juhu Beach, on the busy VM Road junction, is a structure that makes pedestrians and vehicles slow down. Visitors as well as locals alike wish they get a glance of its famous resident. The large building, cream and brown in colour, looks unremarkable, surrounded by a tall fence and trees, and parts of it covered with white rainproof sheets. Jalsa, Amitabh Bachchan's home and arguably Mumbai's most recognised address, screams exclusivity even as nearly a hundred people gather outside it every evening for a darshan of the megastar. Recently, the Bachchans are learnt to have bought another house adjacent to Jalsa for Rs 50 crore. Covered in scaffolding for renovation, the Bachchans' new house actually opens into a quieter street that could afford them some seclusion.
This is the family's fifth house in the Juhu Vile Parle Development (JVPD) area. According to a 2012 filing by Jaya Bachchan in the Rajya Sabha, excluding the latest purchase, the cost of buying and developing the family's four big properties - acquired since 1975 - in JVPD was about Rs 112 crore. Local dealers peg the current value of the five properties at Rs 300 crore, at least. The fifth house is spread over 8,000 square feet; so, the rate works out to a little over Rs 60,000 per square foot. Did the Bachchans bargain a good deal? Property dealers say they have paid the going rate, neither more nor less. Some earlier deals were costlier, though. For instance, Sachin Tendulkar paid Rs 80 crore for a 6,000-square-feet bungalow, over Rs 130,000 per square foot, on tony Perry Cross Road in Bandra. A sea-facing property, of course, is of higher value. Thus, Shah Rukh Khan's Mannat, spread across roughly 20,000 square feet (including almost 5,000 square of a heritage building), in Bandra is currently worth more than Rs 100 crore.
JVPD, Versova and Bandra in the western suburbs of Mumbai have become the preferred location for the residences of film personalities. "The beach is nearby, the rates are cheaper than South Mumbai and the area has a vibe to it," says Rohan D'Silva, national director for residential agency at Knight Frank India. Those who buy within the Coastal Regulation Zones (CRZ) have the relief of not having high-rises for neighbours. Singer Sonu Nigam recently bought a 900-square-yard plot in Juhu that once housed a hotel for Rs 25 crore and will spend more to raise a new bungalow there. Such homes are private fortresses and style statements. Rekha's residence in Bandra is flanked by bamboo walls, while Mannat stands behind giant creeper-laden gates.
Still, it is the deals struck by big businessmen in South Mumbai that really make jaws drop. Sample some of the recent transactions: Sajjan Jindal parted with an astounding Rs 500 crore to buy Maheshwari Mansion, spread over an acre on Nepean Sea Road. YES Bank CEO Rana Kapoor's family spent Rs 128 crore for a 14,800-square-feet house on posh Altamount Road. In 2011, Anand Mahindra bought out the Nepean Sea Road bungalow Gulistan, where the family had been living as tenants, for Rs 250 crore. Per square-foot prices in Malabar Hill or Cuffe Parade range from Rs 75,000 to Rs 100,000.
D'silva says there is "no real price on trophy assets," citing the example of an owner of a barebones house with only the thrill of a private entry to the beach in Juhu quoting Rs 120 crore for it. "There are no real market benchmarks for certain high-value properties - they are sold to the highest bidder," agrees Om Ahuja of Jones Lang LaSalle. Had his latest acquisition been in Colaba, Bachchan might have had to shell out Rs 80-100 crore. A budget of Rs 50 crore would have got him a much smaller house.
The houses owned by heavy-hitters like the Bachchans, Shah Rukh Khan, Tendulkar and Mukesh Ambani are landmarks, talking points and even a part of the itineraries for guided tours of the city. They also add colour to advertisements by brokers, who offer houses 'next to Ambani's bungalow' or 'in proximity of all top celebrities.' The change in ownership of such assets is not frequent and resale values, surprisingly, are not exceptional. Jindal's grand Morena House bungalow on Carmichael Road was taken off the block after it failed to attract good enough offers for a year. There is no assurance of handsome premiums either. "The price quoted depends mainly on the location and property size. The design or decor does not count because the new buyer will have different tastes," says Shri Hari, consultant at Real Estate Deal Street. But that does not matter, according to JLL's Ahuja, because owners are "not overly focused on factors such as appreciation."
While most celebrities prefer to build independent houses, the younger lot, including Deepika Padukone, Anushka Sharma and Yuvraj Singh, has invested in luxury duplexes or entire floors in high-rises and residential complexes. When high-profile names sign up, the builder has an opportunity to increase prices by almost 5 per cent, say experts. However, there is the challenge of hostility from fellow residents, who could have reservations about having larger-than-life names in their midst. The paparazzi, loud parties, parking issues and the unsettling presence of bodyguards are considered a nuisance by some, according to D'Silva.
As empty land plots are rare, buyers eye existing bungalows or old buildings, factories and hotels that can be redeveloped. Owners of ancestral homes in the Western suburbs find it difficult to maintain the property compared to their counterparts in South Mumbai and are thus easy to convince for a sale, notes Shri Hari. Actor Salman Khan, who lives in Galaxy Apartments in Bandra, has been scouting for a new house and was reported to be looking at a redevelopment site close to rival Shah Rukh's home. SRK's bungalow, a heritage structure, stands on a land plot leased from the Bai Korshed Bhanu Sanjana Trust.
Once the bigwigs snap up a slice of land, no expense is spared in developing and equipping it. The 27-storey Antilla, which resembles a haphazard assembly of LEGO chunks, has helipads and a ballroom. Apart from a glorious sea view, most houses boast theatres, libraries, gyms, gaming areas and swimming pools. "For the large part, they live in solitude and would like everything under one roof," notes D'Silva. Also common are dedicated batteries of staff and lawns lined with lofty trees to thwart prying eyes. Despite the tender love, care and mounds of rupees poured into creating a prominent house, it is difficult to win uniform envy. "It is not very pretty. Although they have gardens," remarks a cab driver passing by Antilla, before adding dismissively, "No, actually, it is just a few plants."
This is the family's fifth house in the Juhu Vile Parle Development (JVPD) area. According to a 2012 filing by Jaya Bachchan in the Rajya Sabha, excluding the latest purchase, the cost of buying and developing the family's four big properties - acquired since 1975 - in JVPD was about Rs 112 crore. Local dealers peg the current value of the five properties at Rs 300 crore, at least. The fifth house is spread over 8,000 square feet; so, the rate works out to a little over Rs 60,000 per square foot. Did the Bachchans bargain a good deal? Property dealers say they have paid the going rate, neither more nor less. Some earlier deals were costlier, though. For instance, Sachin Tendulkar paid Rs 80 crore for a 6,000-square-feet bungalow, over Rs 130,000 per square foot, on tony Perry Cross Road in Bandra. A sea-facing property, of course, is of higher value. Thus, Shah Rukh Khan's Mannat, spread across roughly 20,000 square feet (including almost 5,000 square of a heritage building), in Bandra is currently worth more than Rs 100 crore.
JVPD, Versova and Bandra in the western suburbs of Mumbai have become the preferred location for the residences of film personalities. "The beach is nearby, the rates are cheaper than South Mumbai and the area has a vibe to it," says Rohan D'Silva, national director for residential agency at Knight Frank India. Those who buy within the Coastal Regulation Zones (CRZ) have the relief of not having high-rises for neighbours. Singer Sonu Nigam recently bought a 900-square-yard plot in Juhu that once housed a hotel for Rs 25 crore and will spend more to raise a new bungalow there. Such homes are private fortresses and style statements. Rekha's residence in Bandra is flanked by bamboo walls, while Mannat stands behind giant creeper-laden gates.
Still, it is the deals struck by big businessmen in South Mumbai that really make jaws drop. Sample some of the recent transactions: Sajjan Jindal parted with an astounding Rs 500 crore to buy Maheshwari Mansion, spread over an acre on Nepean Sea Road. YES Bank CEO Rana Kapoor's family spent Rs 128 crore for a 14,800-square-feet house on posh Altamount Road. In 2011, Anand Mahindra bought out the Nepean Sea Road bungalow Gulistan, where the family had been living as tenants, for Rs 250 crore. Per square-foot prices in Malabar Hill or Cuffe Parade range from Rs 75,000 to Rs 100,000.
* * *
D'silva says there is "no real price on trophy assets," citing the example of an owner of a barebones house with only the thrill of a private entry to the beach in Juhu quoting Rs 120 crore for it. "There are no real market benchmarks for certain high-value properties - they are sold to the highest bidder," agrees Om Ahuja of Jones Lang LaSalle. Had his latest acquisition been in Colaba, Bachchan might have had to shell out Rs 80-100 crore. A budget of Rs 50 crore would have got him a much smaller house.
The houses owned by heavy-hitters like the Bachchans, Shah Rukh Khan, Tendulkar and Mukesh Ambani are landmarks, talking points and even a part of the itineraries for guided tours of the city. They also add colour to advertisements by brokers, who offer houses 'next to Ambani's bungalow' or 'in proximity of all top celebrities.' The change in ownership of such assets is not frequent and resale values, surprisingly, are not exceptional. Jindal's grand Morena House bungalow on Carmichael Road was taken off the block after it failed to attract good enough offers for a year. There is no assurance of handsome premiums either. "The price quoted depends mainly on the location and property size. The design or decor does not count because the new buyer will have different tastes," says Shri Hari, consultant at Real Estate Deal Street. But that does not matter, according to JLL's Ahuja, because owners are "not overly focused on factors such as appreciation."
* * *
While most celebrities prefer to build independent houses, the younger lot, including Deepika Padukone, Anushka Sharma and Yuvraj Singh, has invested in luxury duplexes or entire floors in high-rises and residential complexes. When high-profile names sign up, the builder has an opportunity to increase prices by almost 5 per cent, say experts. However, there is the challenge of hostility from fellow residents, who could have reservations about having larger-than-life names in their midst. The paparazzi, loud parties, parking issues and the unsettling presence of bodyguards are considered a nuisance by some, according to D'Silva.
As empty land plots are rare, buyers eye existing bungalows or old buildings, factories and hotels that can be redeveloped. Owners of ancestral homes in the Western suburbs find it difficult to maintain the property compared to their counterparts in South Mumbai and are thus easy to convince for a sale, notes Shri Hari. Actor Salman Khan, who lives in Galaxy Apartments in Bandra, has been scouting for a new house and was reported to be looking at a redevelopment site close to rival Shah Rukh's home. SRK's bungalow, a heritage structure, stands on a land plot leased from the Bai Korshed Bhanu Sanjana Trust.
Once the bigwigs snap up a slice of land, no expense is spared in developing and equipping it. The 27-storey Antilla, which resembles a haphazard assembly of LEGO chunks, has helipads and a ballroom. Apart from a glorious sea view, most houses boast theatres, libraries, gyms, gaming areas and swimming pools. "For the large part, they live in solitude and would like everything under one roof," notes D'Silva. Also common are dedicated batteries of staff and lawns lined with lofty trees to thwart prying eyes. Despite the tender love, care and mounds of rupees poured into creating a prominent house, it is difficult to win uniform envy. "It is not very pretty. Although they have gardens," remarks a cab driver passing by Antilla, before adding dismissively, "No, actually, it is just a few plants."