by THO
Madhuri Dixit has rented out her apartment in Mumbai’s Andheri West area for ₹3 lakh per month to Karamtara Engineering Pvt Ltd for two years, documents accessed by Zapkey showed.
The 1594.24 sq ft apartment (built-up area) is located in a building known as Morya Landmark II in Andheri West, the Leave and License document registered on November 13 showed.
The rent after 12 months will increase to ₹3.15 lakh per month, the documents showed.
The tenant has paid a security deposit of ₹9 lakh.
An email has been sent to the actress. The story will be updated if a response is received.
Why do Bollywood stars rent properties?
Bollywood actors have been in the news for buying and renting out commercial and residential properties in the Mumbai real estate market, which is one of the costliest real estate markets of the country.
In November, Bollywood actor Shahid Kapoor and wife Mira Kapoor rented out their luxury apartment in the Worli area of Mumbai at a rent of ₹20 lakh per month for five years. The apartment is located in Oberoi Realty’s project named Three Sixty West and measures 5,395 sq ft. It has been rented out with three car parkings.
According to real estate consultants and brokers, the average gross rental yield for residential properties is between 3% to 4% and for commercial properties it is between 6% to 8%.
Commercial assets like offices, retail, and warehouses usually have gross yields (annual investment returns) in the range of 6% to 10% in metro cities of India. Grade-A office spaces in Mumbai offer an average yield in the range of 6% to 8%. Likewise, retail assets can offer yields of up to 9.5% prime locations in Mumbai, according to CBRE India, a real estate consultancy firm.
Madhuri Dixit had earlier purchased an apartment worth ₹48 crore in Mumbai’s upscale Lower Parel locality. The property, located in Indiabulls Blu project, was registered on September 28, 2022. The area of the apartment located on the 53rd floor was 5,384 sq ft and the seller was Calleis Land Development Private Limited.
As per media reports, the actress had taken a house on rent for ₹12.5 lakh per month for three years in Mumbai’s Indiabulls Blu building located in Worli in 2021.
