According to documents accessed by Propstack, Ajay Devgan had rented office space in Mumbai's Andheri West for Rs 9 lakh per month for five years.
Ajay Devgan has leased office space in Andheri West, Mumbai for Rs 9 lakh per month for five years. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
The lease was registered on 31.05.2024.
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The property is registered in the name of Vishal Virendra Devgan, whose screen name is Ajay Devgan. The Bollywood star has rented out the office premises to a Hyderabad-based company, MMM Media Works LLP. According to the documents, the office space is located in a building called Lotus Signature on Veera Desai Road Extension, Andheri West, Mumbai.
The commercial space will be 4,209 square feet and come with a three-car garage, according to the documents.
The actor did not respond to queries from HT Digital.
Why do Bollywood stars invest in commercial real estate?
Several Bollywood stars are investing in commercial properties instead of residential properties to fetch higher rental returns.
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Ajay Devgn bought five office buildings in Mumbai's Andheri West in April last year for Rs 450.9 crore. The three buildings, which are on 16 floors, were valued at Rs 335 crore with stamp duty of Rs 182 crore. The units had a total floor area of 8,405 sq ft, according to registration documents.
According to registration documents, Devgn had purchased two office units spread across 4,893 sq ft (built-up area) on the 17th floor of the same building for Rs 147.4 million, for which he paid stamp duty of Rs 88.44 million.
Properties purchased by Devgn in the past
Three years ago, Devgn took a loan of Rs 187.5 crore to buy a bungalow in Juhu, Mumbai, for Rs 475 crore.
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Devgn's wife, actress Kajol Devgn, also bought an apartment in Mumbai last year for Rs 165 crore.
Also read: Rohit Sharma rents two flats in Mumbai for around Rs 3 lakh per month
Ajay Devgan is also the founder of NY Cinemas, which recently opened its first multiplex in Delhi NCR at Elan Epic Mall in Gurugram. The 46,000 sq ft, five-screen multiplex has 890 seats.
Last year, Amitabh Bachchan rented four commercial spaces measuring around 10,000 square feet in Mumbai's Oshiwara area for an annual rent of Rs 207 crore and paid a deposit of Rs 103 crore. The commercial spaces were leased out to Warner Music India Limited for five years, according to documents obtained by Propstack.com. Amitabh Bachchan has also leased out the commercial spaces for an annual rent of Rs 207 crore.
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Besides Bachchan, Kartik Aaryan, Manoj Bajpai and Sara Ali Khan have also bought office space in Mumbai. Commercial real estate assets fetch higher rental income than residential properties.
Also Read: From Imran Khan to Katrina Kaif, why some Bollywood stars prefer to continue renting rather than buying apartments in Mumbai
Share this article ₹9 lakh” data-param-href=”https://www.hindustantimes.com/real-estate/ajay-devgn-leases-office-space-in-andheri-west-mumbai-for-a-monthly-rent-rs-9-lakh-101719228935936.html?utm_source=fb&utm_medium=social&utm_campaign=ht_AMP” aria-label=”facebook” data-param-app_id=”387606842082586″ width=”24″ height=”24″> ₹9 lakh” data-param-url=”https://www.hindustantimes.com/real-estate/ajay-devgn-leases-office-space-in-andheri-west-mumbai-for-a-monthly-rent-rs-9-lakh-101719228935936.html?utm_source=twitter&utm_medium=social&utm_campaign=ht_AMP” aria-label=”twitter” width=”24″ height=”24″> ₹ 900,000 – https://www.hindustantimes.com/real-estate/ajay-devgn-leases-office-space-in-andheri-west-mumbai-for-a-monthly-rent-rs-9-lakh-101719228935936.html?utm_source=whatsapp&utm_medium=social&utm_campaign=ht_AMPTo read news on the go, download the HT app. Click here: https://bit.ly/HT_Download” aria-label=”whatsapp” width=”24″ height=”24″>News/Real Estate/Ajay Devgan leases commercial property in Mumbai's Andheri West for Rs 90 lakh per month
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