Cricketer Virat Kohli has leased out 12 office spaces in Gurugram to Mynd Integrated Solutions for an annual rental of around INR 1 crore. Kohli's lease agreement includes 37 parking slots and a nine-year lease term with a 5% annual rent escalation. The deal, executed through Kohli's brother Vikas, marks the latest in a growing trend of Bollywood stars and celebrities investing in commercial real estate. Experts attribute this trend to the high rental yields offered by commercial properties compared to residential ones. In recent years, other celebrities such as Salman Khan, Amitabh Bachchan, and Ajay Devgn have also acquired commercial properties.
Cricketer Virat Kohli has leased out 12 office spaces, having a built-up area of 18,430 sq ft, in Gurugram for an annual rental of around INR 1 crore to a Delhi-based corporate firm Mynd Integrated Solutions, according to documents accessed by CRE Matrix. The transaction was executed though RCB star player Virat Kohli's registered General Power of Attorney (GPA) holder Vikas Kohli, Virat's brother.
The office spaces are located in Reach Comercia Corporate Tower in Sector 68 in Gurugram. The Reach Comercia building is a mixed-use development comprising 500,000 square feet of retail space and 180,000 square feet of office space. While Mynd has secured a larger area within the building, Kohli's portion forms just a part of it.
These office spaces come with 37 parking slots. The deal was locked at a rental of around INR 8.85 lakh per month and a security deposit of INR 57.19 lakh. The stamp duty paid in the transaction was INR 3.83 lakh and INR 50,010 was paid as registration fees.
The lease term is nine years. As per the documents, the lease commenced from March 28, 2023, while the rent for the deal started from July 1, 2023. According to the terms of the deal, the rent escalation will be 5% per annum and the common area maintenance charges are INR 14 per square foot per month.
According to Knight Frank India, the trend of Bollywood stars or noted public figures, including HNIs, investing in commercial real estate (CRE), has been prevalent for a long time. According to real estate experts, the major reason for this trend is the high annual rental yield that the commercial real estate market offers in comparison to residential real estate. Rental yield is the amount a property owner receives annually by renting out a property.
As per Cushman & Wakefield, Delhi-NCR witnessed robust leasing activity during the last quarter of 2023, with a gross leasing volume (GLV) of 3.7 million square feet. Fresh space take-up accounted for the bulk of this leasing volume, comprising 83%, while pre-commitments constituted 11%. Notably, the flex space sector emerged as the largest consumer of space in the fourth quarter, capturing a 24% share, surpassing the traditionally dominant IT-BPM sector, which held a 23% share in leasing activities.
In 2022, Bollywood actor Salman Khan leased out 27,650 sq ft of space spread over four floors to TNSI Retail Private Ltd, a subsidiary of Future Retail Ltd, in Mumbai, at a rent of around INR 89.6 lakh per month. Amitabh Bachchan, Ajay Devgn, Kajol, Sarah Ali Khan and several others have purchased commercial properties in Mumbai.
In October 2022, Virat Kohli and his wife, Anushka Sharma, had rented an apartment for INR 2.76 lakh per month in Mumbai’s Juhu area. The apartment is located in the High Tide building and comes with a sea view near the Juhu beach area.
Kohli owns a bungalow in DLF-1 Gurgaon and properties in Mumbai and Alibaug. He resides in a four-bedroom apartment located in Worli, Mumbai. Kohli reportedly bought the 7,171-square-foot sea-facing apartment in 2016 for INR 34 crore. In 2022, Virat and Anushka purchased an 8-acre farm land in Alibaug for a whopping INR 19.24 crore. Last year, Virat Kohli bought a 2,000 sq ft villa in Avas Living – a luxury bungalow project in Awas Village, Alibaug – for INR 6 crore.
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