Mumbai: State Bank of India (SBI) has leased the superstar’s property in the Juhu Vile Parle Development Scheme (JVPD), near his landmark house Jalsa, for Rs 18.90 lakh per month for 15 years. Currently, it works at a price of Rs 600 per square feet (sq ft), which is significantly higher than the JVPD market rate.
In the past, the ground floor of the Vatsa and Ammu bungalow, adjacent to Jalsa, was leased to Citibank. Citibank vacated the premises in June 2019 after their lease expired.
In accordance with the documents accessed by Zapkey.com, a real estate analytics and research firm, the lease deed was filed on September 28. A stamp duty of Rs 30.86 lakh along with registration charges of Rs 30,000 were paid for the transaction. According to the stamp duty document, Bachchan and his actor son Abhishek have leased to the bank the ground floor of the 3,150 square foot building for 15 years. There will be an escalating cost of 25% every five years. A monthly rent of Rs 18.9 lakh will be paid in the first five years, and Rs 23.62 lakh will be paid in the following five years and Rs 29.53 lakh in the last five years.
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For the property, SBI paid Rs 2.26 crore as a deposit, which is almost the amount for the rent for one year. As per Sangeet Hemant Kumar, founder and CEO of SHK Ventures, which specializes in high-end properties in JVPD, this property is worth the premium on offer. ‘This is a marquee property which belongs to Amitabh Bachchan, who is a superstar, and is just next door to his house. This is bound to attract a premium. In addition, this is a corner prominent spot in Juhu,’ said Kumar. The current lease rent at JVPD is approximately Rs 400-500 per square foot.
In Mumbai, the JVPD scheme is a popular area that houses several Bollywood personalities, including Dharmendra, Anil Kapoor, Rakesh Roshan, Sunny Deol, Shatrughan Sinha and Rohit Shetty. Ajay Devgn purchased a bungalow with 474.4 square meters in this area for Rs 47.5 crore last December.
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