Rentals could well be the new buzzword for Bollywood real estate investors. They are still putting their faith in the property market when it comes to earning handsome rentals from their investments. Some big-ticket deals are also taking place. Here’s looking at some of the developments in this space.
Everyone knows how 2021 was a year of recovery for the Indian real estate market. Mumbai was not far behind, driven by the increasing property appetite of its much-loved Bollywood bigwigs. Brothers Khurrana (Ayushmann and Aparshakti) both purchased apartments in the same Mumbai complex for approximately Rs. 19 crore and Rs. 7 crore respectively. Ayushmann splurged on two luxurious housing units on the 20th floor at the Windsor Grande Residences at Lokhandwala Complex in Andheri West. The gargantuan 4,027 sq ft apartment also gets four car parking spaces. Aparshakti Khurrana purchased an apartment of 1,745 sq ft in the same complex with two car parking units. In fact, the brothers had purchased a sprawling home in Panchkula for the family by paying Rs. 9 crore in 2020.
Even Ajay Devgan enhanced his property portfolio in 2021 by picking up another lavish bungalow near his existing one in Juhu for Rs. 47.5 crore. He also took a loan of Rs 18.75 crore for this purchase as per reports. Sunny Leone purchased an Andheri West apartment for Rs. 16 crore in 2021 as well. Even Arpita Khan Sharma purchased an apartment at Khar West by paying Rs. 10 crore. The property is situated on the 12th floor of the Flying Carpet building by Satguru Developers. The apartment covers 1,750 sq ft and is accompanied by four slots for car parking. Many other superstars bought properties as well. However, did you know about the renting or rentals craze that has taken up Bollywood lately? Here’s finding out more!
Bollywood’s Rental Drive
Bollywood stars are reposing faith in real estate for building rental income and some are also renting properties, thereby driving growth in the residential investment market. Here are some developments worth noting:
- Kajol has rented out her apartment at the Hiranandani Gardens in Powai on the 21st The apartment covers 771 sq ft in total. The tenant named Asha Shenoy, has paid approximately Rs. 3 lakh as her security deposit and will pay Rs. 90,000 each month. The agreement initially pertains to two years.
- Even Salman Khan has rented out one of his Mumbai apartments for a staggering sum of Rs. 95,000 each month. The agreement tenure stands at 33 months and pertains to the unit in Shiv Asthan Heights at Bandra West. The apartment covers 758 sq ft and lies on the 14th The Rs. 2.85 lakh deposit has already been paid by Ayush Dua, the tenant.
- In a mega deal, actors Abhishek Bachchan and Amitabh Bachchan have rented out the ground floor of their Ammu and Vatsa bungalows in Juhu. The rentals have been done with the State Bank of India for a period of 15 years. The amount will be Rs. 18.9 lakh each month. The lease deal was inked in September last year itself.
- Amitabh Bachchan was active in the property market last year. He also rented out his duplex apartment for Rs. 10 lakh per month to Bollywood actress Kriti Sanon. This apartment lies on the 27th and 28th floors of the Lokhandwala Road Atlantis building in Andheri West. The actress paid Rs. 60 lakh as her security deposit.
- Salman Khan also renewed the rental agreement for a duplex in Bandra for Rs. 8.25 lakh per month with the total period being three years. The property covers 2,265 sq ft (carpet area) and has 10 car parking slots. This property lies on the 17th and 18th floor of Maqba Heights and belongs to Zeeshan Siddique and Baba Siddique as per reports.
- Saif Ali Khan has also rented out his apartment at Bandra for Rs. 3.5 lakh per month last year. He has rented out the property to a company named Guilty by Association Media LLP. The company has paid Rs. 15 lakh as the security deposit and the apartment which is sized at 1,500 sq ft, has two car parking spaces.
- Rohit Shetty’s production house in Mumbai has taken an apartment on the rental model for three years. They will pay Rs. 5 lakh each month and the apartment covers 2,878 sq ft (carpet) on the fourth floor of the Signia Pearl building at the Bandra Kurla Complex (BKC).
- Karan Johar renewed the lease agreement for not one but two commercial units as well. Dharma Productions will be paying Rs. 17.56 lakh and Rs. 6.15 lakh per month for the units respectively.
- Vicky Kaushal and Katrina Kaif are expected to pay Rs. 8 lakh per month for their new luxury apartment on the Mumbai beachfront that they have moved into after their wedding. This apartment is on the 8th floor of the Juhu-based Raj Mahal Apartment at Chandra Bai Nagar.
Market watchers anticipate more such big-ticket purchase and rental deals in the offing for the Mumbai real estate market. And of course, it will be Bollywood at the heart of all the action!
