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09 Oct 2021: Bachchans rent property to SBI at Rs. 19L per month
Actors Amitabh Bachchan and Abhishek Bachchan leased the ground floors of two of their bungalows in Mumbai to the State Bank of India (SBI) for Rs. 18.9 lakh per month for 15 years, as per reports. The property on the ground floors of Vatsa and Ammu bungalows, both adjacent to Jalsa, the Bachchans' current residence, is spread over an area of 3,150 square feet.
Deal: Rent will see a 25% escalation every five years
According to the documents accessed by real estate data analytics and research firm Zapkey, the lease deed was registered on September 28 this year. Although the current monthly rent is Rs. 18.9 lakh, the documents suggest there will be a 25% rental escalation every five years. This means, after five years, the rent will be Rs. 23.6 lakh and so on.
Details: Previously, the Juhu properties were leased to Citibank
The documents show the bank has already paid a deposit of Rs. 2.26 crore, which is equivalent to the rent of one year. This is not the Bachchans' first such deal with a bank though. Notably, these properties in Juhu were previously leased out to Citibank for many years. The bank moved out of the property in June 2019 when their lease expired.
Quote: Experts opined the premium levied on property to be justified
Noting the current lease rate in Juhu Vile Parle Development (JVPD) Scheme is Rs. 400-500 per square foot, Sangeet Hemant Kumar of SHK Ventures said the premium charged on the property was justified. Speaking to Hindustan Times, Kumar said, "This is a marquee property which belongs to Amitabh Bachchan, who is... just next door to his house. This is bound to attract a premium."
Real Estate: Most recently, Big B bought duplex flat worth Rs. 31cr
Apart from Jalsa, Vatsa, and Ammu, the celebrity family has several real estates spread out in Mumbai and abroad. The Paa actor's first property in the city was Prateeksha, where he stayed with his wife actress Jaya Bachchan and his parents. Most recently, the Kaun Banega Crorepati star bought a 5,184sqft duplex flat in a project called Atlantis in Mumbai for Rs. 31 crore.
The news article, Bachchans rent property to SBI at Rs. 19L per month appeared first on NewsBytes.