The city heaves a sigh of relief as real estate prices let up. Real estate rates had shot up some time ago, and people had put off buying land or new houses. Now, there's a bit of a respite.

And making the most of it are our BTown celebrities. Karan Johar is one man who believes in making hay while the sun shines. The man is now the proud owner of a brand new flat in the city upscale locality of Bandra.

He has acquired a sprawling sea-facing apartment at Carter Road in Bandra. A source told us that his new home is in The Residency building in a posh Bandra locality.

Apparently his apartment is on the top two floors of the swanky 12-storey highrise. It seems even Kiran Rao, wife of actor Aamir Khan, has been scouting for office space around Khar-Santacruz.

Karan now joins the ranks of other celebs that have sea-facing homes like buddy SRK, Salman Khan, Sachin Tendulkar etc. The awesome view and refreshing ambience are sure to stimulate KJo's thought processes!