President of The Walt Disney Company India, K Madhavan, has rented an apartment in Mumbai’s posh Pali Hill area for a whopping Rs 11.5 lakh per month, documents accessed.
The fully furnished serviced apartment located on the ninth floor of a posh building named Kubelisque, which houses premium apartments in Bandra West, is spread across 5751 sq ft, the documents showed.
The apartment has been rented for 36 months starting September 1, 2021, from Kishore Bajaj, owner of the famous Yauatcha restaurant in Mumbai.
There was no response from Bajaj.
The lease and licence agreement was signed on September 14, 2021, the documents showed.
A security deposit of Rs 1.38 crore has been paid for the transaction, the documents showed.
Local brokers, who did not wish to be named, said that the 14-storey Kubelisque building has been home to expats and corporate honchos for several years now and that the average rent starts at Rs 9 lakh onwards. The developer of the building is Kishore Bajaj, who is also chairman of the Badasaab Group.
In August, actor Saif Ali Khan Pataudi rented his apartment located in Bandra, Mumbai for Rs 3.5 lakh per month. The flat was rented to a firm called Guilty by Association Media LLP who has paid a security deposit of Rs 15 lakh. The apartment of size 1,500 sq ft comes with two car parkings.
In April, Mumbai-based drug maker Ajanta Pharma renewed its lease for a 3,369 sq ft apartment in Mumbai for a whopping Rs 18 lakh a month. The sea-view apartment is located on the 18th floor (as per the Municipal Corporation of Greater Mumbai) of Raheja Legend in Worli and comes with six car parkings.
Raheja Legend is a premium condominium complex of real-estate company, Raheja Universal, in Mumbai, comprising 40 floors. It was completed in 2011. The capital value of the apartment is around Rs 35 crore, local brokers said.
Real-estate experts said that the deal clearly indicates that despite two waves of COVID-19, rentals in exclusive high-end apartment buildings have more or less remained stable.
In July, pharmaceutical major Abbott Healthcare leased a 5,000 sq ft apartment for Rs 9.26 lakh per month. The apartment is located in Sunteck Signature Island, BKC and comes with five car parks. The rent for the first year is Rs 9.26 lakh a month; Rs 9.91 lakh for the next year and Rs 10.90 lakh for the third year, the documents showed.
Ritesh Mehta, Head Residential (North & West), JLL told Moneycontrol, that demand for high-end apartments is on the rise in Mumbai and the trend mirrors the high absorption of luxury apartments priced at Rs 50 crore and above in posh localities in the city. With reduced ready supply in this segment and rising demand, both capital values and rentals have gone up, he adds.