Mumbai's real estate landscape is witnessing a fascinating shift, with Bollywood stars increasingly turning their attention to commercial investments over residential ones. The latest to join this trend is Amitabh Bachchan, who has reportedly secured a lucrative deal by renting out four commercial units in Mumbai's Oshiwara district for a staggering Rs. 2.07 crores per year.
These units, spanning approximately 10,000 square feet, have been leased to Warner Music India Limited for a five-year term, as reported by The Economic Times and Moneycontrol. Bachchan's lease agreement with Warner Music includes a three-year lock-in period and access to 12 parking slots. This strategic move follows Bachchan's insightful purchase of these spaces in August 2023, each valued at a hefty Rs. 7.18 crores.
Reportedly, the rent structure itself is designed for incremental growth, with the initial rate set at Rs. 170 per square foot per month for the first three years, as per The Economic Times. This will see a 15% increase for the following two years, culminating in a final rate of Rs. 195.50 per square foot per month. This translates to an initial annual rent of Rs. 2.07 crores, which will rise to Rs. 2.38 crores from the fourth year onwards. The lease officially commences in March 2024 and involves a stamp duty of Rs. 2.88 lakhs paid in November 2023.
While this recent commercial deal headlines Bachchan's current real estate ventures, it's not his first foray into the field. In November, he and Jaya Bachchan gifted their iconic Pratiksha bungalow in Juhu, Mumbai, to their daughter Shweta Nanda. This expansive property, split into two plots totalling 9,585 square feet and 7,254 square feet, was valued at a combined Rs. 50.63 crores at the time of transfer through gift deeds on November 8.