Karan Johar has rented a luxury duplex apartment in upscale Bandra West, Mumbai, on a three-year lease. The apartment is located on the 2nd and 3rd floors of a tower in Union Park, Pali Hill. For the first year, the rent will be Rs. 8.10 lakh per month, according to the report by The Economic Times.
It will rise to Rs. 8.50 lakh in the second year and to Rs. 8.93 lakh in the third, taking the total rental outlay for the 36-month period to over Rs. 3.06 crore. Documents accessed through Zapkey.com show that the registration of the rent agreement was done on August 23. Meanwhile, there has been no comment from the filmmaker or his representatives.
The luxury rental market in Mumbai is persistently sought by affluent classes, expatriates, and professionals across all thriving industries. The report added that areas such as South Mumbai, Worli, Bandra, Juhu, and Powai are in great demand and see consistent interest despite commanding high rentals. This is partly due to a shortage in supply of high-end properties but more so out of an aspirational desire for an exalted quality of life.
In recent times, rents in these high-demand areas have increased by as high as a per cent. This was partly due to the reason that some factors took precedence over others such as limited new supply, rising property values, and the growing appeal of luxury living among Mumbai’s wealthy residents.
