Bollywood actors have been in the news for buying and renting out commercial and residential properties in the Mumbai real estate market, which is one of the costliest real estate markets of the country.
Several Bollywood stars in Mumbai have bought these properties as an investment and have put them on rent. Here’s a list of five such celebrities.
1. Shahid Kapoor and Mira Kapoor rent out luxury apartment in Worli
Earlier this month, Bollywood actor Shahid Kapoor and wife Mira Kapoor rented out their luxury apartment in the Worli area of Mumbai at a rent of ₹20 lakh per month for five years, according to the property registration documents accessed by SquareYards.
The apartment is located in Oberoi Realty's project named Three Sixty West and measures 5,395 sq ft. It has been rented out with three car parkings, according to the documents. The rental agreement for a tenure of five years was registered on November 7. The apartment has been rented to Dipan Bhuptani, senior executive at D'Decor Home Fabrics, documents show.
2. Ajay Devgn rents out commercial property in Andheri West
Director and producer Ajay Devgn was in the news for renting out a commercial office space spanning 3,455 square feet in Mumbai for a monthly rent of ₹7 lakh, property registration documents accessed through proptech platform Square Yards showed.
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.
3. Kartik Aaryan rents out flat in Juhu
{{/usCountry}}Director and producer Ajay Devgn was in the news for renting out a commercial office space spanning 3,455 square feet in Mumbai for a monthly rent of ₹7 lakh, property registration documents accessed through proptech platform Square Yards showed.
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.
3. Kartik Aaryan rents out flat in Juhu
{{/usCountry}}Bollywood actor Kartik Aaryan had rented out an apartment in Mumbai for ₹4.5 lakh per month, according to property registration documents accessed by proptech platform Square Yards.
The leave and license agreement was registered on August 28 with a stamp duty of ₹42,500, the documents showed. The 1,912 square feet property is located in Siddhi Vinayak Building, in the Presidency co-operative society of Juhu area, per the documents.
4. Salman Khan leases retail space in Santacruz
One of the biggest monthly rental deals registered in 2023 was that of Bollywood actor Salman Khan. Khan had rented out 23,042 sq ft of retail space he owns in Mumbai’s Santacruz area to Landcraft Retail Pvt Ltd for ₹90 lakh a month as rent, documents accessed by Propstack showed.
The commercial space is leased at an annual rent of around ₹12 crore and the security deposit for the deal is ₹5.4 crore, according to the documents.
5. Karan Johar rents out commercial properties in Andheri West
Karan Johar, Bollywood film screenwriter, director and producer was in the news for renewing leases of two commercial properties owned by him in the name of Dharma Productions for a rent of ₹17.56 lakh and ₹6.15 lakh per month respectively a few years back, registration documents accessed by Zapkey.com showed.
Also Read: Karan Johar takes property on rent in Mumbai’s Pali Hill area for ₹8 lakh per month
The chargeable area for the property is 11,374 sq ft and the rent is ₹155 per sq ft per month. The lease tenure has been renewed for 60 months, according to the documents.
Rental returns in Mumbai real estate market
According to real estate consultants and brokers, the average gross rental yield for residential properties is between 3% to 4% and for commercial properties it is between 6% to 8%.
Commercial assets like offices, retail, and warehouses usually have gross yields (annual investment returns) in the range of 6% to 10% in metro cities of India. Grade-A office spaces in Mumbai offer an average yield in the range of 6% to 8%. Likewise, retail assets can offer yields of up to 9.5% prime locations in Mumbai, according to CBRE India, a real estate consultancy firm.