Cricketer Virat Kohli has leased out 18,430 square feet of office space in Gurugram for an annual rental of Rs 1.27 crore to a corporate firm Mynd Integrated Solutions, according to documents accessed by CRE Matrix, a real estate data analytics firm.
The documents showed that Kohli leased as many as 12 office spaces, having a built-up area of 18,430 sqft, in Reach Comercia corporate tower in sector 68 in Gurugram. The deal was locked at a monthly rental of around Rs 8.85 lakh per month, the documents showed.
According to registration documents, the stamp duty paid in the transaction was Rs 3.83 lakh and Rs 50,010 was paid as registration fees. The lessee in the deal is a Delhi based firm Mynd Integrated Solutions Pvt Ltd. The transaction was executed though RCB star player Virat Kohli's registered General Power of Attorney (GPA) holder Vikas Kohli, who is also Virat's brother.
Also Read: Virat Kohli & Anushka Sharma rent apartment in Mumbai for Rs 2.76 lakh a month
The stamp-duty registration of the transaction was executed on June 22, 2023, but the documents of the deal were made available only in March 2024. There was no immediate response from Virat Kohli and Mynd Integrated Solutions to queries from Moneycontrol seeking comment on the development.
The documents showed that the starting per-square-foot monthly rent for the deal is Rs 48, while Rs 57.19 lakh was the security deposit for the transaction. These office space come with 37 parking slots, documents showed.
The lease term is nine years. The lease commenced from March 28, 2023, while the rent for the deal started from July 1, 2023, documents showed.
According to the terms of the deal, the rent escalation will be five percent per annum and the common area maintenance charges are Rs 14 per square foot per month, documents showed.
In October 2022 former Team India skipper Kohli and his wife, actor-producer Anushka Sharma, had rented an apartment for Rs 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.
Earlier in September 2022 the celebrity couple was in the news for purchasing a land parcel of size 3,350 sq. m at Zirad village in Alibaug of Maharashtra's Raigad district. An amount of Rs 19.24 crore was paid for the property.
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. 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 Rs 89.6 lakh per month.
Similarly, in 2021 director Karan Johar leased out two commercial properties he owned in the name of Dharma Productions for a rent of Rs 17.56 lakh and Rs 6.15 lakh per month.
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.
Big-ticket deals
Delhi NCR, which includes Gurugram, has been witness to many big-ticket property purchases in the recent past. In January 2024 Smiti Agarwal, a director at Wesbok Lifestyle Pvt Ltd and wife of V Bazaar CMD Hemant Agarwal, purchased an apartment in The Camellias by DLF in Gurugram for Rs 95 crore.
In February 2023 Vasudha Rohatgi, wife of former Attorney General of India Mukul Rohatgi, bought a 2,100 square yard, or 18,900 sq ft, bungalow in Delhi's tony Golf Links for Rs 160 crore. In October 2023 an 11,000 sq ft apartment at The Camellias by DLF in Gurgaon's Golf Course Road was sold for more than Rs 100 crore in a resale.
In August 2023, comedian and actor Bhuvan Bam bought a bungalow in Greater Kailash-III in South Delhi for Rs 11 crore.
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