Shahid Kapoor Leases Out his Investment Flat for Over ?20 Lakh per Month in Oberoi Three Sixty West in Worli
Bollywood actor Shahid Kapoor has leased his luxury apartment in the prestigious Three Sixty West tower in Mumbai's Worli district. The apartment, jointly acquired by Shahid and Mira Kapoor in May 2024 for ?58.6 crore, offers a spacious 5,395 sq ft carpet area and includes three dedicated car parking spaces.
Key Details
Lease Structure and Terms
The lease agreement, registered in November 2024, spans 60 months with an initial security deposit of ?1.23 crore. The rental structure is tiered, starting at ?20.5 lakh per month and gradually increasing to ?23.98 lakh over the five-year period. Notably, the lease includes a rent-free period for the first 10 months.
Effective Monthly Rent Calculation
Considering the 10-month rent-free period, the total rent payable over the 60-month lease is for 50 months. Assuming an average rent of ?22 lakh per month over the lease term, the total rent for 50 months amounts to Rs.11 crore. When spread over the full 60 months, the effective monthly rent is approximately 18.33 lakhs.
Property Specifications
Located in Oberoi Realty’s Three Sixty West, one of Mumbai’s premier residential towers, the apartment provides a luxurious living space, exemplifying the growing trend of Bollywood stars investing in prime real estate for both residence and rental income.
Worli: Mumbai's Emerging City Centre
Worli has rapidly evolved into a central hub in Mumbai, attracting corporate offices, high-net-worth individuals (HNIs), non-resident Indians (NRIs), and affluent residents. Its strategic location, connecting South Mumbai to the suburbs via the Bandra-Worli Sea Link, has enhanced its accessibility and appeal. The area boasts a blend of commercial spaces, luxury residences, and upscale amenities, making it a preferred destination for businesses and the elite.
Oberoi Three Sixty West: A Coveted Address
Oberoi Three Sixty West has garnered significant demand due to its prime location, architectural excellence, and premium offerings. The development features luxury residences managed by The Ritz-Carlton, providing residents with world-class amenities and services. Its panoramic sea views, state-of-the-art facilities, and proximity to key business districts have made it a sought-after address among Mumbai's elite.
Recent Transactions in Oberoi Three Sixty West
Here is a table of notable transactions in Oberoi Three Sixty West post-COVID:
| Buyer Name | Transaction Date | Floor | Unit Size (sq ft) | Purchase Price (? crore) |
|---|
| Radhakishan Damani & Family | February 2023 | Multiple | 18,20,684 | 1,238 |
| Vratika Gupta | May 2023 | 45 | 10,000 | 116.42 |
| Shahid & Mira Kapoor | May 2024 | 42 | 5,395 | 58.6 |
| Sumir Chadha | August 2024 | 60 | 10,000 | 96.12 |
| Utpal Sheth & Family | September 2024 | 54 | 15,735 | 123.3 |
| Shreegopal Kabra & Family | October 2024 | 62 | 13,809 | 198 |
Understanding the High Lease Rent
The substantial lease rent is justified by several factors:
Prime Location: Worli's status as a central business district with excellent connectivity enhances the property's value.
Luxury Amenities: Residences in Three Sixty West offer premium facilities and services, contributing to higher rental rates.
Capital Efficiency: Leasing allows occupants to enjoy luxury living without the significant capital outlay required for purchase.
Owner-Borne Outgoings: Maintenance and other outgoings are typically covered by the owner, reducing the tenant's financial responsibilities.
Tax Benefits for Company Leases: For corporate leases, rental expenses can be tax-deductible, providing financial advantages to both the occupant and the leasing company.
This leasing arrangement reflects the robust demand for luxury rentals in Mumbai's prime localities, particularly in South and Central Mumbai, where high-end apartments are sought after by high-net-worth individuals and corporate executives.