Bollywood actor Ajay Devgn has rented out his commercial office space in Mumbai’s bustling Andheri area for a monthly rent of Rs 700,000, according to a transaction reviewed by Square Yards. The “license and permit” agreement, formalized in September, attracted a stamp duty of Rs 112,000.
Devgn’s office is located in Signature Tower and is developed by Lotus Developers.
The project is located along Veera Desai Road in Oshiwara, one of the prime locations in the western suburbs of Mumbai. It offers access to major highways, metro station and is within easy reach of the international airport, making it a highly sought-after area for companies looking for well-connected office spaces. The vibrant mix of retail, dining and entertainment options in the locality further elevates its status as a business hub.
Square Yards reports that the leased property is spread across 321 sq m and includes three parking spaces. The deal, secured with a deposit of Rs 30 lakh, is for a lease term of 60 months (5 years). The actor and his wife are known to own multiple properties within the same project. They are among several Bollywood celebrities including Amitabh Bachchan, Sara Ali Khan and Kartik Aaryan who have also invested in commercial spaces at Signature Tower.
Fund manager Blackrock Services India has leased 42,700 sq ft of office space in Mumbai’s posh Worli for a monthly rent of Rs 300 per sq ft, documents accessed by data analytics firm Propstack showed.
The five-year lease, which began on August 1, 2024, will have a monthly rent of Rs 1.1 crore for the first eight months and Rs 1.28 crore for the next four months. The rent will also increase by 10 per cent in April 2026, five per cent in 2027 and another five per cent in 2028.
The lock-in period for the transaction is 36 months and the company has paid a security deposit of Rs 12.8 crore.
The office space is located on the 13th floor of the Altimus office tower developed by property developer K Raheja Corp.’s Whispering Heights Real Estate subsidiary.
Adding to the wave of real estate transactions among Bollywood celebrities, director Sajid Khan recently sold his apartment for Rs 6.1 crore, according to the transaction reviewed by Square Yards. Khan’s property was located in the Beach House Cooperative Housing Society in Mumbai’s Juhu area.
According to real estate technology platform Square Yards, the apartment has a spacious built-up area of 202 sq m and comes with an exclusive parking space of about 20 sq m. The transaction, which was registered in June this year, attracted a stamp duty of Rs 36.6 lakh and a registration fee of Rs 30,000.
Bollywood actor Kartik Aaryan had rented an apartment in Juhu, Mumbai, for Rs 4.5 lakh per month in August 2024, according to property registration documents accessed by Square Yards. The 1,912 sq ft property is located in Siddhi Vinayak Building in Juhu. The lease and licence agreement was registered on August 28 with a stamp duty of Rs 42,500, the documents showed.
In July, celebrated poet, screenwriter and lyricist Javed Akhtar purchased a luxurious apartment in Juhu. The move-in ready apartment, spread over an area of around 111.43 sq m, was bought for a staggering sum of Rs 7.76 crore, according to documents accessed by Square Yards. The transaction also involved a stamp duty of Rs 46.02 lakh and a registration fee of Rs 30,000.
In August, Kangana Ranaut, a BJP MP and Bollywood actor, bought an office space in Mumbai’s Andheri area for Rs 1.56 crore, according to property registration documents accessed by Propstack. The property, spread over 407 sq ft, is located on the 19th floor of a building called Arch One and was purchased at a per square foot rate of Rs 38,391 sq ft on carpet.
First published: September 4, 2024 | 9:21 am IS
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