Entertainment / Amitabh Bachchan leases Mumbai property to SBI for ₹18.9 lakh per month

Zoom News : Oct 09, 2021, 01:08 PM
Mumbai: Superstar Amitabh Bachchan has leased his property near his landmark house Jalsa at Juhu Vile Parle Development Scheme (JVPD) to State Bank of India (SBI) for ₹18.90 lakh per month for 15 years.

This currently works at ₹600 per square feet (sq ft), which is marginally higher compared to the market rate in JVPD.

The property on the ground floor of Vatsa and Ammu bungalow, adjacent to Jalsa, was previously leased to Citibank for years. Citibank had vacated the place in June 2019 after the expiry of their lease.

According to the documents accessed by Zapkey.com, a real estate date analytics and research firm, the lease deed was registered on September 28. A stamp duty of ₹30.86 lakh was paid along with ₹30,000 as registration charges for the deal.

The stamp duty document reveals that Bachchan and his actor son Abhishek have given the 3,150 sq ft ground floor for 15 years to the bank. There will be cost escalation of 25% every five years. In the first five years, a rent of ₹18.9 lakh will be paid monthly, which will increase to ₹23.62 lakh for the next five years and ₹29. 53 lakh for the last five years.

SBI has paid ₹2.26 crore as deposit for the property, which is almost the rent for 12 months.

According to Sangeet Hemant Kumar, founder and CEO (chief executive officer), SHK Ventures, which deals with high-end properties in JVPD, the premium levied on this property is justified.

“This is a marquee property which belongs to Amitabh Bachchan, who is a superstar, and is just next door to his house. This is bound to attract a premium. In addition, this is a corner prominent spot in Juhu,” said Kumar.

He added that the current lease rent in JVPD is ₹400- ₹500 per sq ft.

JVPD scheme is one of the plush areas in Mumbai, housing several Bollywood personalities such as Dharmendra, Anil Kapoor, Rakesh Roshan, Sunny Deol, Shatrughan Sinha and Rohit Shetty.

Last December, actor Ajay Devgn had bought a bungalow, spreading across 474.4 sq metres for ₹47.5 crore in this area.