Bollywood film director, producer, and television personality Karan Johar has picked up a premium duplex residential apartment in Mumbai’s plush Bandra west locality through a 3-year rental agreement.
He has leased the apartment for the apartment located on the 2nd and 3rd floors of the tower in Pali Hill’s Union Park at monthly rentals of Rs 8.10 lakh for the first 12 months.
The monthly rent amount will increase to over Rs 8.50 lakh in the second year and Rs 8.93 lakh in the third year. The total rental outgo over the lease tenure of 36 months will be over Rs 3.06 crore.
The rental agreement was registered on August 23, showed the documents accessed through Zapkey.com. ET’s email query to Karan Johar’s team remained unanswered.
The rental market for luxury apartments in Mumbai continues to be robust, driven by high demand from affluent individuals, expatriates, and professionals in the city’s thriving industries.
Areas like South Mumbai, Worli, Bandra, Juhu, and Powai remain popular and despite the high rental rates the market sees steady interest due to the limited availability of such properties and the desire for high-end living standards.
In recent years, there has been a noticeable increase in rental prices, particularly in sought-after neighborhoods. This trend is fueled by a combination of limited new supply, rising property values, and the growing appeal of luxury living among the city’s wealthy residents.
