Bollywood actor Ajay Devgn and his mother Veena Devgn are set to earn an estimated Rs 10.61 crore in rental income over five years by leasing out their Juhu bungalow, according to the registered leave-and-licence agreement accessed by real estate platform squareyards.com on the website of the Inspector General of Registration (IGR) at https://igrmaharashtra.gov.in.
The agreement, registered on August 10, 2026, covers a bungalow in Kapol Cooperative Housing Society in Juhu with a built-up area of 724.90 sq m, or roughly 7,803 sq ft. The initial monthly rent is Rs 16 lakh, with a 5% escalation every year, taking the monthly rent to nearly Rs 19.45 lakh in the fifth year.
The five-year rent schedule works out to:
Year 1: Rs 16 lakh a month
Year 2: Rs 16.80 lakh a month
Year 3: Rs 17.64 lakh a month
Year 4: Rs 18.52 lakh a month
Year 5: Rs 19.45 lakh a month
Taken together, the scheduled rent comes to approximately Rs 10.61 crore over the 60-month lease.
The agreement also carries a Rs 48 lakh security deposit, equivalent to three months of the initial rent. Stamp duty on the transaction was Rs 2.715 lakh, while registration charges were Rs 1,000.
What the agreement tells us about the rental economics
At the starting rent of Rs 16 lakh a month, the bungalow is effectively generating around Rs 205 per sq ft per month based on its roughly 7,803 sq ft built-up area.
By the fifth year, that rises to about Rs 249 per sq ft per month because of the annual escalation.
The agreement also states that stamp duty is calculated at 0.25% of the total rent payable over the agreement period, with interest on the refundable deposit charged at 10% per annum where applicable.
This is not Devgn’s first move into rental real estate
The Juhu lease adds to a growing portfolio of commercial-property investments and rental-generating assets linked to Devgn.
In May 2025, Devgn leased a 2,545 sq ft office in Andheri West to Bombay Design Centre Private Limited for an initial monthly rent of Rs 5.47 lakh. The five-year lease is expected to generate about Rs 3.3 crore in rent. The rent rises to Rs 6.29 lakh a month in the final two years.
The office was part of three adjacent units Devgn had acquired in the same building in 2023. According to Square Yards’ analysis, he bought the three offices for a combined Rs 30.35 crore, or approximately Rs 10.12 crore per unit. The rental terms implied a yield of about 6.5% during the first three years and around 7.5% during the final two year.
He owns multiple commercial offices in Andheri
Devgn’s commercial-property exposure expanded significantly in 2023.In April that year, he acquired five office units in Mumbai’s Andheri West for about Rs 45.09 crore. The properties had a combined area of around 13,293 sq ft and came with 14 car parking spaces, according to property documents accessed through CRE Matrix.Three of the offices, on the 16th floor, were valued at Rs 30.35 crore, while two offices on the 17th floor were purchased for Rs 14.74 crore.
In September 2024, Devgn leased another 3,455 sq ft office in Signature Tower on Veera Desai Road, Andheri West, for Rs 7 lakh a month. The five-year agreement included a Rs 30 lakh security deposit and three parking spaces. The tenant was Kabir Khan Entertainment LLP.
Devgn also renewed a lease for two commercial units totalling around 1,500 sq ft in Andheri for Rs 4.16 lakh a month in 2024, according to property registration documents accessed by Propstack.
Devgn’s connection with Juhu real estate goes beyond the latest lease.
In 2021, he acquired a bungalow in Kapole Cooperative Housing Society in Juhu for Rs 47.5 crore, according to property documents. The property measured 474.4 sq m, and the transaction involved a reported Rs 18.75 crore loan. The bungalow was transferred jointly to Veena Virendra Devgn and Vishal Virendra Devgn, the latter being Ajay Devgn’s legal name.
