Ajay Devgn and Mother Veena Set to Earn Rs 10.6 Crore From 5-Year Lease of Juhu Bungalow

Ajay Devgn and his mother Veena Devgn are expected to earn around ₹10.61 crore in rental income over five years after leasing out their bungalow in Mumbai’s Juhu area, according to a registered leave-and-licence agreement reviewed by real estate platform Square Yards through records available on the Maharashtra Inspector General of Registration (IGR) website. The agreement, registered on August 10, 2026, concerns a bungalow located in Kapol Cooperative Housing Society in Juhu. The property has a built-up area of 724.90 sq m, or approximately 7,803 sq ft.

Under the five-year lease, the starting rent has been fixed at ₹16 lakh per month. The agreement includes a 5% annual increase, meaning the monthly rent will gradually rise to nearly ₹19.45 lakh during the fifth year. The rent begins at ₹16 lakh a month in the first year and increases to ₹16.80 lakh in the second year. In the third year, it rises to ₹17.64 lakh, followed by ₹18.52 lakh in the fourth year. By the fifth year, the monthly payment will reach approximately ₹19.45 lakh.

Across the full 60-month lease period, these scheduled increases will result in total rental receipts of about ₹10.61 crore. The agreement also includes a ₹48 lakh refundable security deposit, equivalent to three months of the initial rent. The transaction attracted stamp duty of approximately ₹2.715 lakh, while the registration fee was ₹1,000.

At the initial monthly rent of ₹16 lakh, the bungalow generates approximately ₹205 per sq ft per month, based on its 7,803 sq ft built-up area. By the fifth year, after the annual rent increases, the effective rental rate will reach roughly ₹249 per sq ft per month. The agreement states that the applicable stamp duty is calculated at 0.25% of the total rent payable during the lease period. It also provides for interest on the refundable security deposit at 10% per year, where applicable.

The Juhu property is part of a wider real estate portfolio associated with Ajay Devgn. The actor has increasingly invested in commercial properties in Mumbai, particularly in Andheri West, where he owns several office spaces. In May 2025, Devgn leased a 2,545 sq ft office in Andheri West to Bombay Design Centre Private Limited. The initial monthly rent was ₹5.47 lakh, with the five-year agreement expected to generate approximately ₹3.3 crore in rental income. The rent is scheduled to increase to ₹6.29 lakh per month during the final two years of the lease.

That office was among three adjoining units that Devgn purchased in the same building in 2023. According to Square Yards' analysis, the three properties were acquired for a combined ₹30.35 crore, translating to approximately ₹10.12 crore per unit. The rental arrangement indicated an estimated yield of around 6.5% during the first three years and about 7.5% during the final two years. Devgn's commercial property holdings expanded further in April 2023, when he purchased five office units in Andheri West for approximately ₹45.09 crore. The properties collectively covered around 13,293 sq ft and included 14 parking spaces, according to property documents accessed through CRE Matrix.

Three of those offices were located on the 16th floor and were purchased for ₹30.35 crore, while two units on the 17th floor were acquired for approximately ₹14.74 crore. The actor also leased another commercial property in September 2024. The 3,455 sq ft office at Signature Tower on Veera Desai Road in Andheri West was rented out for ₹7 lakh per month. The five-year agreement included a ₹30 lakh security deposit and three parking spaces, with Kabir Khan Entertainment LLP as the tenant.

Devgn renewed the lease of two commercial units in Andheri measuring around 1,500 sq ft in total. The properties were leased for approximately ₹4.16 lakh per month, according to property registration records accessed by Propstack. Devgn's connection with Juhu real estate also goes back several years. In 2021, he acquired a bungalow in Kapol Cooperative Housing Society for around ₹47.5 crore, according to property documents. The property measured approximately 474.4 sq m, while the transaction reportedly involved a loan of ₹18.75 crore.

The bungalow was registered jointly in the names of Veena Virendra Devgn and Vishal Virendra Devgn, with Vishal Virendra Devgn being Ajay Devgn's legal name. The latest lease highlights the growing value of Mumbai's premium residential and commercial property market while adding another substantial rental-generating asset to the Devgn family's real estate portfolio. Over the next five years, the Juhu bungalow alone is expected to generate more than ₹10 crore in rental income.