Jacqueline Fernandez Shows The Way To Buying Luxury Apartments in Mumbai

Mumbai is no longer a just a city of dreams, it is the city of dream homes and when dreams extend to one's way of life, they become reality. Sultry Sri Lankan star Jacqueline Fernandez, who delivered sizzling performances in Bollywood movies like 'Kick' and 'Race 2', has finally found her dream home in Mumbai.

It takes time to find the things we want most 

Whether it is the perfect job, the perfect life partner or the perfect home, most people will agree that one must be patient while pursuing dreams. Same seems to be true for Jacqueline too. This becomes truer in a city that proverbially never sleeps, where hectic everyday rush is the way of life, and there is very little time to look around and find dream homes. The demand is humongous and real estate prices are steep. 

The former model-turned-actress arrived in Bollywood six years ago, debuting in Alladin, but has only recently bought herself a flat in Mumbai - a duplex apartment that has a terrace with a wonderful view of the Arabian Sea, in the posh locality Bandra. Jacqueline is reportedly busy sprucing up the interiors of her apartment in Mumbai.

Meanwhile, there are many Bollywood celebrities, who have spent more time in Mumbai than Jacqueline, but are still looking for that elusive dream home.

Get the inside track, gain an edge

It may have taken Jacqueline five long years to buy her dream home, but that doesn't mean you would have to plan a five-year house hunt, as long as you know how Mumbai's real estate market functions and what you want. Remember, your dream home is not just about the money you can invest for it, but whether it offers you everything you expect in a house. 

The problem people might face while looking for property in Mumbai is the lack of time. Luxury flats in Mumbai, especially, can be a long hunt, but thanks to the internet, you can literally take a virtual tour of the city using your mobile phone and do all the research while sitting at home.

Mumbai is the city of dream homes but to find one just be more patient and persevering. (Photo credit: www.wikimedia.org)

Come home to extravagance and luxury

In Mumbai, luxury homes have always been the fad. People work hard, make it big and prefer to adorn their home with every luxury imaginable. With numerous starlets and celebrities living in Mumbai for Bollywood, the metropolitan city has consistently maintained a strong market for plush apartments and condos.

In the commercial capital, though, steep real estate prices are no reason anyone looking to buy luxury projects will hold such purchases. In recent years, the areas around the old cotton mills, Worli, Bandra and Lower Parel have emerged as hubs of luxury homes in the city.

The old and dying mills of Mumbai have given way to luxury real estate projects, both in commercial and residential segments. Worli, the strategic area between the north and south of Mumbai, is much sought after by celebrities owing to its proximity to the sea front and access to major parts of Mumbai. Rates hover around Rs. 35,000 to Rs. 60,000 per sq.ft.

Another favorite of the stars is Bandra, the all-time favorite hotspot for Bollywood stars for its central location. In recent years, the Bandra-Kurla Complex with its vast array of luxury homes has emerged as a preferred destination of the affluent, with Sonam Kapoor being the latest star to buy a home here. Many corporate houses and consulates have moved here too, spurring premium lifestyle for its residents. Properties range between Rs. 30,000 and Rs. 65,000 per sq. ft. depending on projects and amenities.

Sonam Kapoor also bought a luxury apartment in Bandra recently. (Photo credit: www.wikipedia.org)

Lower Parel, often labelled the heart of Marathi Mumbai, is fast changing its landscape with upcoming high-rises and malls. It's here that Phoenix mills was converted into a premium lifestyle mall, becoming home to luxury brands and favorite shopping destination of the rich and the famous. Here, world-class condos and apartments can be bought for the rate of Rs. 25,000 and Rs. 50,000 per sq. ft.

Keep an eye on fluctuating property prices

Mumbai will soon have a second commercial airport in Navi Mumbai, a project that could aid development of several new neighborhoods in the commercial capital. This is where one could look at luxury projects, when the central parts of Mumbai becomes saturated. In Navi Mumbai, the merging hotspot, luxury homes could be available at affordable prices currently.

The delay in the airport's construction has, in fact, led to fluctuations in real estate prices here, with projects earlier equaling rates of luxury homes, now crashing to figure in the affordable segment.

Ulwe touched a peak of Rs 7,714 per sq. ft in 2012, rising by nearly 40%, and then crashed to Rs 4,875 per sq. ft. Homes in Panvel, which is in the vicinity of the proposed airport, are now priced at Rs 4,575 per sq. ft., while Kalamboli residential projects, one of the stations in the upcoming Metro Rail project, have become expensive by 20% in the last two years to touch the rate of Rs 5,250 per sq. ft. Homes in the fast developing suburb of Kamothe witnessed a 28% price rise and are currently selling at Rs 5,850 per sq. ft.

The more expensive areas here would be the Palm Beach Road and Vashi, where apartments in high-rise buildings with a sea view could cost in the range of Rs. 14,000 and Rs. 17,000 per sq. ft.