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For just Rs 8 Cr you can be SRK's Dubai neighbour
Updated On: 03 December, 2009 07:16 AM IST | | Varun Singh
Prices of super luxury Palm Jumeirah Villas in Dubai fall by 60% after Dubai world crash, attracting Indian investors
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Prices of super luxury Palm Jumeirah Villas inu00a0Dubai fall by 60% after Dubai world crash, attracting Indian investors
It's a 5,000 sq ft super luxury villa with a private beach, garden and a 360-degree view of the sea.
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The villas are scattered on the fronds of a palm tree-shaped development and inside are all the fringe benefits that go with paying between Rs 10 crore and Rs 15 crore for the villas, including having neigbours like Shah Rukh Khan, Hollywood couple Brad Pitt and Angelina Jolie and footballer David Beckham.
But that was a few months ago, when Palm Jumeirah, Dubai's palm-shaped island development was at its zenith.
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The exact location of the actor's villa, which was gifted to him is a secret |
In Bandra
Today, the prices have dropped to between Rs 7 crore and Rs 8 crore. A flat, not a villa, of the same size would cost upwards of Rs 12 crore in Bandra and double that in south Mumbai.
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Thisu00a0 means, you can now dream ofu00a0u00a0 super opulence with a add-on premium of being SRK's neighbour in Dubai.
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The area around Mannat, SRK's Bandra bungalow, costs anywhere between Rs 30,000 to 35,000 per sq ft and in some cases goes beyond Rs 40,000 per sq ft.
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For a 5,000 sq ft residence (the size of his property in Palm Jumeirah) you would have to pay Rs 20 crore.
The Palm Jumeirah development is in peril, thanks to debt woes plaguing Dubai World, which has an interest in this development.
Property prices have plummeted by up to 60 per cent on the man-made islands, say sources.
The developer, called Nakheel, has $3.5bn worth of debt coming due next month and some analysts question whether it will be able to meet the commitment.
Hamir Asher, a real estate consultant from Dubai said, "There are many villas and flats that are available on the islands. The prices are down and this is the time to get the best deals."
Added Sangeet Kumar a Mumbai-based real estate consultant, "We are now seeing a reverse trend investors calling from Mumbai to invest in Dubai.
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Nayi Padosan: Angelina Jolie too has bought a super luxury villa at Palm Jumeirah, which has mansions of Shah Rukh Khan and David Beckham, among others Read Next Story Trending StoriesLatest Photos |
