Dharma Productions leases 5,500 sq ft office space in Andheri with starting rent of Rs 15 lakh

Karan Johar's Dharma Productions is expected to pay a total rent of Rs 7.75 crore

Karan Johar-led Dharma Productions has leased an office space at the Lotus Signature commercial development in Andheri (West) for a starting monthly rent of Rs 15 lakh, according to property registration documents accessed by Square Yards. The office space, which has an area of around 5,500 square feet, has a lease period of four years.

Dharma leased the premises, located on the eighth floor of the development, from a Mumbai-based landlord.

According to the registration documents, an annual five-percent escalation has been built into the lease period, with the rent in the final year of the lease expected to reach Rs 17.36 lakh. In all, Dharma is expected to pay around Rs 7.75 crore in rent over the lease tenure. Besides the rent, the deal also includes a security deposit of Rs 1 crore, as well as stamp duty of Rs 2.04 lakh.

Moneycontrol has written to Dharma Productions for confirmation and comment on the deal, and the story will be updated if a response is received. Dharma Productions, which was started by Karan's father Yash Johar, is one of the pre-eminent production houses in Mumbai's film industry. Last year, Serum Institute of India promoter Adar Poonawalla bought a 50 percent stake in Dharma for Rs 1,000 crore.

Lotus Signature, which has been developed by listed realty firm Sri Lotus Developers and Realty, is headed by developer and film producer Anand Pandit. A number of prominent celebrities have bought office units at the premises, including Amitabh Bachchan, Kajol, Ajay Devgn, Kartik Aaryan, Sara Ali Khan, and others, including prominent film producers.

The development's location- Veera Desai Road and its surroundings- is home to a number of prominent film and television production studios, such as Yash Raj Films and T-Series.