Bollywood icon Amitabh Bachchan recently entered into a five-year lease agreement, leasing four office properties encompassing an entire floor in an Oshiwara-based commercial tower in Mumbai’s Andheri suburb to music entertainment company Warner Music India. Reports suggest Bachchan purchased these four offices, totaling over 12,000 sq ft built-up area and 10,800 sq ft carpet area, for approximately Rs 29 crore.
The lease agreement entails a monthly rental of Rs 170 per sq ft for the initial three years, with a provision for a subsequent 15% increase, totaling Rs 195.50 per sq ft per month for the following two years. The documentation accessed through Propstack also reveals that the possession of these offices was handed over to Bachchan in September, post the project receiving its occupation certificate in June.
As part of this lease pact, Warner Music India, the tenant, will enjoy exclusive access to 12 car parking slots in the tower, including premium parking spaces for high-end luxury SUVs. While Warner Music India holds a lock-in period of three years, Bachchan’s lock-in spans the entire lease tenure. Additionally, the company paid an upfront security deposit of Rs 1.03 crore during the transaction’s registration on December 8.
The Bachchan family holds several properties in Mumbai, including the recent gifting of their lavish bungalow, Prateeksha, situated in Juhu, to their daughter Shweta Nanda. Bollywood personalities continue to show keen interest in real estate, not just for personal use but also as lucrative investment avenues.
In the same commercial tower in Oshiwara, actors Kartik Aryan, Sara Ali Khan along with her mother Amrita Singh, and earlier, Ajay Devgan and Kajol, have also made property investments. Notably, various Bollywood figures, including Amitabh Bachchan, Shahrukh Khan, Shilpa Shetty, Akshay Kumar, Abhishek Bachchan, and Aishwarya Rai, have ventured into real estate investments. Recent reports have also surfaced detailing high-end luxury property acquisitions by celebrities like Ranveer Singh, Hrithik Roshan, Rani Mukherjee, Alia Bhatt, Disha Patani, and Janhvi Kapoor in the past few quarters.
(Source: ET Realty)
Also read: Mumbai Real Estate Upscale: Premium Homes Drive Steady Growth in 2023