Bollywood actor, director and producer Ajay Devgn, has renewed a lease agreement for two commercial units spanning 1,500 sq ft in Andheri area of Mumbai for a monthly rent of ₹4.16 lakh, according to property registration documents accessed by Proptstack
The two units were leased by Ajay Devgn to Saraswat Co-operative Bank Limited for a period of five years between December 2018 to December 2023. The leave and license agreement now has been renewed for another five years between December 2023 to December 2028, according to the documents.
The transaction was registered on August 9 for which a stamp duty of ₹78,500 and registration of ₹1,000 was paid, the documents revealed.
The monthly rental for the first three years is ₹4.16 lakh. This will increase to ₹4.57 lakh in the next two years. The security deposit made for the transaction is ₹12.72 lakh, the documents showed.
Also Read: Kangana Ranaut buys 407 sq ft office space in Mumbai’s Andheri for ₹1.56 crore
The two commercial units are located on the ground floor of Shlok House in Andheri west area of Mumbai.
A query sent to Ajay Devgn and Saraswat Bank did not get any response.
Ajay Devgn’s commercial real estate portfolio
Earlier this month, Ajay Devgn was in the news for leasing out a commercial office space spanning 3,455 square feet in Mumbai for a monthly rent of ₹7 lakh, according to registration documents accessed through proptech platform Square Yards showed.
Also Read: Mumbai real estate: Ajay Devgn rents out 3,455-square feet office space for ₹7 lakh per month
The said office space is located in the Signature Tower on Veera Desai Road in Andheri West. Terms of the deal also include parking space for three cars, as per the documents. Ajay Devgn also owns a total of five units in the building acquired in April 2023, for a combined price of ₹45.09 crore.
Why do Bollywood stars invest in commercial units?
Several other Bollywood celebrities reportedly own office units in Mumbai, including Amitabh Bachchan, Sara Ali Khan with mother Amrita Singh, Kartik Aaryan and Manoj Bajpayee.
Also Read: WeWork India renews lease for 1.4 lakh sq ft office space in Mumbai at ₹2.25 crore rent per month
Earlier this year, veteran actor Amitabh Bachchan had purchased three office units spanning a carpet area of 8,429 square feet for nearly ₹60 crore in the Signature Tower. This added to the four units purchased by Big B in the same building last year for nearly ₹29 crore.
Several Bollywood stars have been in the news in the last few months for either purchasing commercial properties in Mumbai or for leasing them out to earn high rental yields.
According to CBRE India, commercial assets like offices, retail, and warehouses usually have gross yields (investment returns annually) in the range of 6-10% in metro cities of India. Grade-A office spaces in Mumbai offer an average yield in the range of 6-8%. Likewise, retail assets can offer yields of up to 9.5% prime locations in Mumbai
