Big B Amitabh Bachchan is reported to have rented out four commercial office spaces in Oshiwara area of Mumbai for an annual rent of Rs 2.07 crore and a security deposit of Rs 1.03 crore.
Details of the rented out spaces
The four office spaces measuring 10,000 sq ft have been rented to Warner Music India Limited for a period of five years. The annual rental starting the fourth year will increase to Rs 2.38 crore, according to documents accessed by Propstack.com. The properties have been rented with a lock in period of 3 years and 12 parking lots.
The stamp duty paid for the deal is Rs 2.88 lakh and the same was paid on November 30, 2023, according to the documents. The commencement date of the transaction is from March 2024. The super star had purchased these properties in Oshiwara in August 2023. The four units were purchased for Rs 7.18 crore each.
Many Bollywood celebs investing in property of late
Of late several Bollywood stars including Manoj Bajpayee, Sarah Ali Khan and Kartik Aryan have been in the news for investing in commercial properties instead of residential ones for a better rental yield.
The major reason for this trend of Bollywood stars investing in commercial real estate is because commercial assets have a higher rental yield than residential properties, according to experts. Commercial properties like offices, retail, and warehouses usually have gross yields in the range of 6-10 percent in metro cities, according to CBRE India, a real estate consultancy firm.
Stars in Real Estate
In the past, Bollywood actor Salman Khan leased out 27,650 square feet (sq ft) of space spread over four floors to TNSI Retail Private Limited, a subsidiary of Future Retail Limited, in Mumbai, at a rent of around Rs 89.6 lakh per month in 2022.
In 2021 Director Karan Johar had rented out two commercial properties in the name of his production house Dharma Productions for Rs 17.56 lakh and Rs 6.15 lakh per month.