Ajay Devgn leases office space in Andheri West, Mumbai, for a monthly rent ₹9 lakh

Ajay Devgn has leased an office space in Andheri West in Mumbai for a monthly rent of ₹9 lakh for five years, documents accessed by Propstack showed.

The lease agreement was registered on May 31, 2024.

The property is registered in the name of Vishal Virendra Devgan, whose screen name is Ajay Devgn. The Bollywood star has rented the office premises to MMM Media Works LLP, a Hyderabad-based firm. The office space is located in a building called Lotus Signature in Veera Desai Road Extension, Andheri West, Mumbai, the documents showed.

The size of the commercial space is 4209 sq ft and it comes along with three car parks, the documents showed.

Why do Bollywood stars invest in commercial properties?

Several Bollywood stars have invested in commercial properties instead of residential ones for better rental yield.

Ajay Devgn had purchased five office units in Andheri West in Mumbai for ₹45.09 crore last year in April. The value of the three units located on the 16th floor was ₹30.35 crore and the stamp duty paid was ₹1.82 crore. The combined built-up area of the units was 8,405 square feet, registration documents showed.

Devgn had also purchased two office units on the 17th floor of the same building spread across 4,893 square feet (built-up area) for ₹14.74 crore, on which stamp duty of ₹88.44 lakh was paid, according to registration documents.

Properties bought by Devgn in the past

Three years back, Devgn had bought a bungalow in Juhu in Mumbai for ₹47.5 crore for which he had taken a loan of ₹18.75 crore.

Devgn’s wife, actress Kajol Devgan, had also purchased an apartment in Mumbai for ₹16.5 crore last year.

Ajay Devgn is also the founder of NY Cinemas. The company recently launched its first multiplex in Delhi NCR at Elan Epic Mall in Gurugram. The property is spread across an area of 46,000 sq ft and has a five-screen multiplex housing 890 seats.

Last year, Amitabh Bachchan had rented four commercial units measuring around 10,000 sq ft in the Oshiwara area of Mumbai for a yearly rent of ₹2.07 crore and paid a security deposit of ₹1.03 crore. The commercial space had been rented to Warner Music India Limited for five years, according to documents accessed by Propstack.com

Along with Bachchan, Kartik Aryan, Manoj Bajpayee and Sarah Ali Khan also have purchased office spaces in Mumbai. Commercial real estate assets yield higher rental income than residential properties