Celebrities endorsing housing projects is nothing new. In recent times, the number of celebrities endorsing housing projects has shot up. There's BIG MONEY in these endorsements and celebrities are keen to sign up. Real Estate in India is down after demonetization, RERA and GST. To beat the slowdown, builders are turning to celebrities, hoping to attract buyers for their projects.
Actress Aishwarya Rai Bachchan endorses the Park project of the Lodha Group, Superstar Shah Rukh Khan endorses the M Collection of Mahagun India and Deepika Padukone endorses ACE Park way and Divino apartments of Noida.
However, some celebrities endorsing housing projects were in the news for the wrong reasons. In 2012, homebuyers of a project by real estate firm Anjaniputra, dragged brand ambassador Genelia D'Souza and the builder to court, as homes they had booked were not handed over.
Many citizens who had taken up homes in M.S.Dhoni endorsed Amrapali groups delayed Sapphire project in Noida, complained about faulty electric work in many towers. Even the God of Cricket Sachin Tendulkar has his share of real estate controversies.
Now to the big question. Should you buy properties endorsed by celebrities? Want to know more on residential apartments and residential land? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.
You and many citizens love celebrities. You trust every word they say. If you are a fan of a star cricketer or a great actor/actress, who endorses a housing project or pretty much anything, you are willing to spend Lakhs or even Crores of rupees making the purchase. Many citizens have been charmed into parting with their hard earned money to buy a dream home, simply because the housing projects have been endorsed by celebrities.
Just because a housing project has been endorsed by a celebrity, doesn't mean you will not be cheated.
1. Celebrities enjoy your trust
Why do builders use celebrities to promote housing projects? Simple....Celebrities enjoy your trust.... You trust every word a celebrity says and you will buy the apartment in the housing project, just because it is endorsed by your favorite celebrity.
Celebrities capture your mind. You want to be like them....Live their lifestyle...The advertisement shows the celebrity relaxing in the lap of luxury. He is enjoying in the luxury and comfort of the apartment of the housing project he advertises. You too want to enjoy and relax like your favorite celebrity. The best way to do so...Buy an apartment in the housing project endorsed by your favorite celebrity.
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Celebrities know that they enjoy your trust and use this power to entice you to buy an apartment in the housing project they advertise.
A builder knows that if you see your favorite actor/cricketer endorsing his housing project, you would remember this project, when you intend to purchase your dream home. Should you blindly trust the celebrity and buy the apartment? It's your hard earned money. A celebrity gets paid for the advertisement and even if you hold him responsible and drag him to court, things could get difficult.
Would it not be better for you to do due diligence (check out the reputation and past projects of the builder) and then make the purchase?
3. Should celebrities be made accountable for housing projects they endorse?
Many citizens believe that a celebrity must know what he endorses or whom he is endorsing. If he doesn't do his homework, he must be punished and dragged to court. An apartment he endorses costs Lakhs or Crores and if you or other citizens are losing money because of a delay or faulty construction, he must be held accountable. Has not this celebrity made a lot of money promoting this housing project?
If a celebrity knows what he/she is doing and willingly promotes a false misleading advertisement, he should be dragged to court and punished. But, in most cases celebrities believe what they say is true.
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Celebrities cannot be held accountable for the statements made in the advertisements, if they don't know they are misleading or false.
The Government has stepped in and wants stringent action against celebrities promoting misleading advertisements. A first time offense could mean a fine of INR 10 Lakhs and a jail term of up to 2 years. A second and subsequent offenses could mean a fine of INR 50 Lakhs and imprisonment of 5 years. Be Wise, Get Rich.
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