Bollywood legend Amitabh Bachchan has recently entered into a significant long-term office lease agreement with Warner Music India. The deal involves four office properties situated on an entire floor in a commercial tower within the bustling Oshiwara locality of Mumbai's Andheri suburb. This strategic collaboration is set to last for a substantial five-year period, marking a notable synergy between the iconic actor and the dynamic music entertainment company. The move underscores the evolving landscape of Mumbai's business and entertainment sectors while showcasing Bachchan's strategic foray into commercial real estate.
Warner Music India, the tenant in this agreement, is committed to paying total rentals exceeding Rs 11 crore over the entire five-year lease term, set to commence from March 2024. Earlier reports by ET in September had disclosed that Amitabh Bachchan had acquired these four offices, spanning over 12,000 sq ft built-up area and 10,800 sq ft carpet area, at a substantial investment of nearly Rs 29 crore.
According to documents accessed through Propstack, the tenant is set to pay monthly rentals of Rs 170 per sq ft for the initial three years of the lease agreement. Furthermore, the terms include a provision for a 15% escalation in rentals for the subsequent two years, ultimately reaching Rs 195.50 per sq ft per month during that period.
Having obtained its occupation certificate in June, the recently developed project has officially handed over possession of the offices to Amitabh Bachchan in September. Under the terms of the lease agreement, the tenant, Warner Music India, will enjoy exclusive access to a total of 12 car parking slots within the tower. Notably, four of these parking slots are designated as premium spaces, specifically reserved for high-end luxury SUVs.
In its capacity as the property's tenant, Warner Music India is subject to a lock-in period for the initial three years, whereas Amitabh Bachchan's lock-in period extends throughout the entire duration of the lease. The transaction, officially registered on December 8, involved the company making an upfront security deposit of Rs 1.03 crore.
The Bachchan family owns several properties in Mumbai. Recently Amitabh Bachchan and his wife Jaya Bachchan gifted their lavish bungalow, Prateeksha, in plush Juhu locality of Mumbai to their daughter Shweta Nanda. The transfer of ownership was formalized through two distinct gift deeds, each corresponding to a specific plot on which the bungalow stands.
Actors Kartik Aryan and separately Sara Ali Khan along with her mother Amrita Singh have also acquired properties in the same commercial tower in Oshiwara. Interestingly, actors Ajay Devgan and Kajol too have bought offices in this project earlier.
Prominent figures in Bollywood, including actors such as Amitabh Bachchan, Shahrukh Khan, Shilpa Shetty, Akshay Kumar, Abhishek Bachchan, and Aishwarya Rai, have actively engaged in property investments. Notable personalities like Ranveer Singh, Hrithik Roshan, Rani Mukherjee, Alia Bhatt, Disha Patani, and Janhvi Kapoor have also been involved in high-profile real estate transactions in recent quarters.
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