Bollywood actor Ajay Devgn and his mother Veena Devgn have leased their 7,803 sq ft bungalow in Juhu's Kapol Co-operative Housing Society for five years. The rental agreement will generate an estimated ₹10.61 crore in income, with rent starting at ₹16 lakh per month and increasing annually, according to livemint.com.
The lease deal covers a period of five years, during which the monthly rent will begin at ₹16 lakh. The rent is structured to rise each year, ensuring a steady increase in income from the property. The bungalow, located in one of Mumbai's prime residential areas, is expected to provide a significant revenue stream for Ajay Devgn and his mother Veena Devgn.
This leasing arrangement highlights the growing trend among celebrities to monetize valuable real estate assets in Mumbai's upscale localities. The deal stands out given the size and location of the bungalow, reflecting the high demand and premium rental values in Juhu. The ₹10.61 crore total rental income over five years underscores the lucrative nature of such property leases in the city.
The rental income of ₹16 lakh per month from the Juhu bungalow will contribute to an annual income of approximately ₹2 crore, culminating in ₹10.61 crore over the five-year lease term, as reported by livemint.com.