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Rent starts at ₹16 lakh a month

As per the agreement, the monthly rent for the first year has been fixed at ₹16 lakh. The rent will increase progressively each year, reaching ₹16.80 lakh in the second year and ₹17.64 lakh in the third year.

For the fourth year, the monthly rent will rise to ₹18.52 lakh, while the fifth year will carry a monthly rent of ₹19.44 lakh. Over the 60-month lease period, the escalating rent structure could make the property a significant long-term commercial asset.

The document also mentions an interest-free refundable deposit of ₹48 lakh. The stated market value in the registration document is also ₹48 lakh.

Who has taken the property on lease?

The agreement records Ajay Devgn, identified in the document as Ajay alias Vishal Veeru Devgan, and Veena Devgan as parties through an authorised power of attorney holder. The document names the lessee as Plurison Hotels & Resorts Private Limited, represented by an authorised signatory.

The property transaction was registered on August 10, 2026, under document number 17288/2026. The registration record also lists a stamp duty amount of ₹2,71,500 and a registration fee of ₹1,000.

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Five-year agreement with annual escalation

The structure of the lease means the tenant will pay a progressively higher rent each year rather than maintaining a fixed monthly amount throughout the agreement. By the fifth year, the monthly payment will be close to ₹19.5 lakh.

The registration document provides a formal record of the lease terms, including the property area, rental escalation, refundable deposit, parties involved and statutory charges. The transaction adds another notable high-value property agreement involving the Devgan family in Mumbai’s premium Juhu neighbourhood.