Salman Khan has renewed the lease of his property that he has given on rent for another two years this time for a rent of Rs 89.60 lakh per month. The deal was signed on Monday a copy of the agreement is available with SquareFeatIndia.
By Varun Singh
Actor Salman Khan and anything connected to him makes a good read. Especially when we talk about Salman and his real estate deals in the same line.
Salman has good investments in real estate, and he owns a building on Linking Road, Santacruz, the property that he own was bought by him way back in the year 2012 for close to Rs 120 crore. Since then he constructed a commercial building over here.
The property was earlier a society with around 16 flats, which the actor later demolished. He started the construction work of the building in 2013-14 and occupancy was approved in the year 2017.
This is the same year, when Salman Khan first put on rent the lower ground floor, ground floor, first and second floor of the building, to Future Retail for a period of five years. This leave and license agreement was signed in July 2017, and the per month rent was Rs 80 lakh for the initial three years and it increased to Rs 89.60 lakh for the next two years. The deposit then paid was Rs 2.4 crore.
In this premises came up Foodhall, which soon became a hit for the area and even an landmark for that area on Linking Road.
Now Salman Khan on September 5, via his delegated power of attorney renewed the leave and license, this time for a period of two years. The leave and license is between Salman Khan and TNSI Retail Pvt Ltd, a subsidiary of Future Retail.
The new rent according to documents accessed by SquareFeatIndia is Rs 89.60 lakh per month for the first year and the second year the per month rent increased to Rs 94.08 lakh. The deposit for this two year period stood at Rs 2,68 crore. The total area put on rent is 2568.65 sq mts. A stamp duty of Rs 5.87 lakh was paid for the registration of the rental agreement.
Attempts to get a comment from Salman Khan got us no response. The same thing was with Future Retail too. According to reports, Future recently has been admitted into Corporate insolvency resolution process.
“Both parties have renewed the lease in August 2022 for 2 years at monthly rent of 89.6Lakhs for year 1 and 94.08 Lakhs for year 2 (5% hike). We believe Foodhall has seen phenomenal footfalls and success at this high-street location, therefore renewal of lease was imminent. The hikes of 12% after first 3 years and 5% after 3 years favours the tenant. Although High-streets have bounced back in terms of occupancy and rentals post Covid-19, we believe brand Foodhall was able to bargain a good deal with Salman Khan. Linking Road High-streets which was earlier limited to Bandra, has spilled over to Khar, Santacruz upto Juhu into the most sought after High-Street in Mumbai. The post popular retailers, F&B brands, Banks etc. must have presence in the Bandra to Juhu Linking Road,” said, Abhishek Kiran Gupta, CEO & Co-founder, CRE Matrix.
There’s work going on in the building currently, the work is being carried out on the upper floors of the building.
Also Read: Salman Khan VPL Rents Bandra Duplex For ₹8.25 lac pm from a MLA & an Ex MLA
