The city heaves a sigh of relief as property rates let up. Realty costs had increased some time back, and people had postponed buying land or novel houses. Now, there's a bit of a respite. And taking the advantage of it are our Bollywood celebs.

Karan Johar is one man who trusts in taking action when the situation is prosperous. Johar is now the proud owner of a brand new flat in the city upscale area of Bandra.

Karan has bought a sprawling sea-facing apartment at Carter Road in Bandra.

A source told that KJo's new abode is in The Residency building in a posh Bandra locality.

It seems that his apartment is on the top two floors of the posh 12-storey building.

There are reports that Kiran Rao, wife of actor Aamir Khan, has been looking for office space around Khar-Santacruz.

Karan now joins the ranks of other celebrities that have sea-facing homes like Shahrukh, Sallu, Sachin Tendulkar etc. The amazing view and inspirational ambience are sure to excite KJo's thought processes! (With Inputs from Agencies)