it depends on how much the name is searched for.. you can see that in Google India trends IMO you can renew it if you are going to develop it or else the domain alone is not worth much so if you decide to renew it, develop it and cash in on until theres buzz about her.. not everyone can be like aishwarya rai I would have blindly said 'renew' if it was like bollywoodactress.in I guess you get the idea. _
As it is a celebrity, I would have recommended to renew it. Obviously developing it may help as well. One would think a celebrity name in their own country tld would be quite a good domain. As already mentioned, would help developing that domain. Reminds me of some Bollywood celebrity domain names I have in my to-do list, Amrita Rao, anjori alagh and Minissha Lamba. Appears only the 1st of these are "big" right now - will be an interesting project once I get to them.
Its on the first page for google in india http://www.google.co.in/search?hl=en&q=mallikasherawat&btnG=Google+Search&meta= does that make a difference at all? but only if not separated with spaces
its easy to rank for 'mallikasherawat' try the search with 'mallika sherawat' thats what people search for _
Ahh yes i see that, i dont have time to play around with the domain, is it worth renewing and maybe getting a buyer
getting a buyer for this domain alone is very rare.. normally if you have idea of developing you can keep it or else if you are very very short of funds and cant justify the renewal fee leave it but I suggest you renew it... then develop and sell after sometime.. very little chance of people buying this domain alone without much traffic and revenue _