In the ever-evolving landscape of Mumbai’s luxury real estate market, a noticeable trend has emerged among boutique developers: a distinct preference for high-net-worth individuals (HNIs) over Bollywood stars. While the glitterati of the film industry have frequently made headlines for acquiring opulent residences, several real estate developers are increasingly cautious about selling their luxury apartments to this demographic. Instead, they favour selling to industrialists and business magnates who desire privacy and discretion in their living environments.

Developers of high-end projects have observed that HNIs often purchase apartments priced at ₹50 crore and above, seeking an atmosphere free from the disruptions that come with celebrity status. A luxury project developer in Central Mumbai remarked, “Bollywood stars can increase the ‘disturbance quotient’ within a housing complex, leading to concerns about privacy for other residents.” The influx of paparazzi and fans often accompanying these stars is a deterrent, making it less appealing to sell to them initially. In contrast, HNIs are more likely to seek out exclusive environments that offer a high level of privacy and tranquillity, aligning with their lifestyle choices.

Moreover, the market dynamics reveal that while luxury apartments above ₹50 crore face challenges in selling compared to more affordable options, developers remain focused on creating spaces that appeal to discerning buyers. In areas like Bandra and Juhu, known for their celebrity residents, developers are strategically aligning their offerings to cater to the tastes of HNIs, who often prefer larger living spaces and amenities that enhance their quality of life. According to real estate consultancy SquareYards, residential properties account for 62% of transactions involving celebrities, indicating a robust interest in this sector, albeit from a selective buyer pool.

The visionary behind Prestige Estates Projects, has made a remarkable foray into Mumbai’s fiercely competitive real estate landscape after establishing a successful foothold in Bangalore. Five years ago, his decision to expand into India’s financial capital was met with skepticism, as it involved entering a market dominated by well-established giants such as Lodha Group’s Macrotech Developers, Godrej Properties, and Oberoi Realty—all with billionaire backing. Despite these formidable challenges, Razack’s determination and strategic approach have begun to pay off.

Prestige Estates has successfully made inroads into the Mumbai market, evidenced by its burgeoning portfolio and the iconic logo of a flying falcon now prominently featured across the city. The company is not only focusing on upscale residential properties but also expanding into commercial developments, spanning from high-end locations in South Mumbai to midtown office complexes and emerging suburban areas. With 11 projects currently in the pipeline, covering approximately 32 million square feet, Prestige plans to complete these developments in phases, from 2025 to 2031, signifying a substantial commitment to the region.

This expansion is not just a testament to Razack’s business acumen; it reflects a broader trend within the Indian real estate sector. As cities like Mumbai grapple with an increasing urban population, the demand for quality housing and commercial spaces is skyrocketing. Razack’s ventures address this pressing need while promising to maintain a high standard of living for future residents. The emphasis on well-planned developments highlights a shift towards sustainable urban growth, ensuring that new projects incorporate green spaces and environmentally friendly practices.