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16 April 2024

Bollywood's Anil Kapoor buys 2BR in Dubai's affordable homes

By Parag Deulgaonkar

Three key factors – location, affordability and high rental yield - have driven TV and Bollywood superstar Anil Kapoor to invest in Dubai’s real estate market.

The actor, who has worked in numerous Bollywood movies and Hollywood blockbusters such as "Slumdog Millionaire and "Mission Impossible – Ghost Protocol", has bought a two-bed apartment in Danube Properties’ Dh300-million Ritz project in Al Furjan.

“Prices are affordable in the project while rental returns here in Dubai are almost 10 per cent, which is fantastic. You don’t get such returns in Mumbai,” Kapoor told Emirates 24/7.

“I believe it is the right time to invest in the property market here. Besides, the mode of payment offered by Danube is also convenient and does not put lot of strain if one wants to buy."

Kapoor, who termed ‘Dubai as his second home’, said he would look at buying more properties in the emirate.

Currently, Shilpa Shetty is promoting the project with the company’s previous brand ambassadors being Juhi Chawla and Sunil Gavaskar.

Danube Chairman Rizwan Sajan said they had already sold the first tower of the Ritz project while a portion of the second tower has been pre-sold even before the launch.

“Our project is only 800 metres from the Metro station on Route 2020 and this is going to push the prices higher going forward,” he said.

The developer, in fact, is targeting families with monthly income of Dh15,000 to Dh25,000 per month. Unit prices start at Dh430,000 with a one per cent monthly payment plan with the buyer paying 52 per cent of the total value before possession and the remaining 48 per cent to be paid post-completion.

Bollywood actors such as Shah Rukh Khan and Sohail Khan are also endorsing projects in the emirate.

In 2015, the total investments in the realty sector reached Dh135 billion, of which nearly Dh74 billion was made by non-Arab investors. Indians alone have invested Dh20 billion in the real estate market, while Pakistanis have bought properties worth Dh8 billion.

One of the main reasons for investing here is that the emirate is safe haven for investors, offers capital appreciation and high rental income.

Average rental returns in India are 2.22 per cent per annum, while here in Dubai net rental yield range from 6 to 8 per cent.