Alibag, a tiny coastal town about an hour's drive from Mumbai and by ferry from South Mumbai, is known to be a haven for second homeowners from the Bollywood fraternity and several high and ultra-high-net-worth individuals.
If real estate developers and consultants are to be believed, the coastal town, currently a second-home destination, is also expected to become a first-home destination in the coming years.
Here is the list of Bollywood stars who invested in Alibag's real estate market in 2024
1. Amitabh Bachchan
In April 2024, Amitabh Bachchan purchased a 10,000 sq ft land parcel in Alibag for ₹10 crore from The House of Abhinandan Lodha (HoABL). Bachchan bought a 20-acre plotted development in Alibag that was launched in April 2023. Earlier in January 2024, Amitabh Bachchan was also in the news for purchasing land from HoABL in Ayodhya in its project The Sarayu, a 7-star mixed-use enclave coming up in the temple town. The land measured around 10,000 square feet and was purchased for ₹14.5 crore.
2. Kriti Sanon
In July 2024, HoABL announced that Bollywood actor Kriti Sanon had purchased a 2,000 sq ft plot in Alibag. Sanon purchased the land parcel in the Sol de Alibaug project by HoABL around three months after Amitabh Bachchan purchased it in the same project.
{{/usCountry}}In July 2024, HoABL announced that Bollywood actor Kriti Sanon had purchased a 2,000 sq ft plot in Alibag. Sanon purchased the land parcel in the Sol de Alibaug project by HoABL around three months after Amitabh Bachchan purchased it in the same project.
{{/usCountry}}"Buying land on my own has been quite an empowering journey, and I have had my eyes on Alibag for a while. I was pretty clear about what I was looking for - peace, privacy, and a great investment addition to my portfolio," Sanon said in July.
3. Suhana Khan
In February 2024, actor Shah Rukh Khan’s daughter Suhana Khan, who made her film debut with The Archies, was in the news for purchasing farmland in Thal village in picturesque Alibaug, near Mumbai, in Maharashtra, for ₹9.5 crore, documents accessed by IndexTap.com showed.
Also Read: 5 locations near Mumbai to invest for your holiday home
Khan paid a stamp duty of ₹57 lakh for the transaction. The documents showed that the parcel in village Thal in Raigad, Alibag, is 78,361 sq ft. Similarly, in June 2023, Khan was in the news for purchasing a 1.5-acre agricultural land parcel with three structures in Alibag in Raigad district for ₹12.91 crore.
Also Read: Suhana Khan buys farmland in Alibaug for ₹9.5 crore
Can Alibag become a first home destination?
Alibag is currently a second home option for several high-net-worth individuals and Bollywood stars who have invested in plots and villas there. Real estate brokers say the upper-middle class has invested in land across several holiday destinations post-COVID-19.
Real estate experts believe that Alibag has the potential to become a first-home destination in the coming years.
Also Read: Kushal Tandon buys a 2002 sq ft property in Alibaug for ₹2 crore
Prices for luxury homes in Alibag depend primarily on the kind of land available. If someone wants to buy an empty plot of land, those in well-connected locations can range from ₹2.5 crore to ₹4 crore per acre. However, depending on proximity to the Mandwa jetty, the prices command a premium, ranging from ₹8 crore to ₹10 crore per acre.
In 2024, Emaar India announced that it plans to foray into Alibag. The company plans to build 84 villas spread across a 25-acre parcel, each priced at ₹9 crore to ₹15 crore. The revenue potential from the project is likely to be around ₹700 crore, the company had said.