Having a Non-Resident Indian (NRI) or a celebrity as a neighbour in your residential complex can bring a unique charm to the community. In cities like Mumbai, where star power and exclusivity matter, this can significantly impact the property market. Let’s explore how such high-profile ownership plays out and what it means for you.
The Impact
1. Higher Property Values
Properties in complexes with celebrity or NRI owners often see a price bump—sometimes as high as 15 to 20%. Their presence adds prestige, especially in areas like Bandra or Juhu, where premium homes are already in demand.
2. Increased Demand
A celebrity or NRI connection makes the property more desirable, attracting buyers and investors who want the added allure. This often leads to faster sales and a strong resale market compared to similar properties nearby.
3. Better Amenities
Developers tend to go the extra mile to impress high-profile residents. From upgraded amenities to well-maintained common areas, everyone in the complex benefits from these enhancements.
Key Perks
Owning a home in a high-profile complex, especially one with celebrity or NRI residents, brings a unique blend of prestige and practicality. The association with such notable neighbours elevates your social status, making your address a conversation starter and a mark of exclusivity. Beyond the social perks, the reputation of the property significantly boosts its resale value, ensuring a strong return on investment when the time comes to sell. Additionally, these complexes often feature stringent security measures to meet the demands of high-profile residents, providing peace of mind and enhanced safety for everyone living there.
Possible Challenges
Living in a complex with celebrity or NRI neighbours comes with its share of challenges that potential buyers should carefully consider. Premium amenities and the elevated upkeep standards required to maintain such properties often result in higher maintenance fees, which can be a significant ongoing expense.
Additionally, the presence of high-profile residents may attract public curiosity or even media attention, potentially disrupting the privacy and peace of the community. Moreover, the property’s value can be influenced by the fame or relevance of its celebrity owners, making it vulnerable to market fluctuations that may affect your investment’s long-term stability.
Living in a complex with NRIs or celebrities can offer both tangible benefits, like better amenities, and intangible perks, such as a boost to your social image. However, it’s essential to consider the added costs and potential challenges. Before investing, ask yourself if the prestige and perks align with your personal priorities and long-term goals.
After all, your home should be more than an address—it should feel like the perfect place for you.
(The author is Partner at Palladian Partners Advisory Pvt Ltd.)
