Actor Ajay Devgn has leased out his sprawling bungalow in Mumbai’s Juhu for five years, with the property expected to generate an estimated rental income of Rs 10.61 crore during the lease period. The agreement was entered into by Devgn and his mother, Veena Devgn, according to property registration documents accessed by Zapkey.
The leave and licence agreement was registered on August 10, 2026. The 7,802.75 sq ft bungalow is located at Kapole CHS Ltd on N S Road No. 11 in Juhu’s JVPD Scheme, opposite Daftary Nursing Home. Florian Hurel Salons Private Limited has taken the property on lease.
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Rent to rise by 5% every year
According to the registered documents, the bungalow has a built-up area of 724.90 square metres. The lease begins with a monthly rent of Rs 16 lakh in the first year.
The agreement includes a 5% annual escalation in rent. This means the monthly payment will rise to Rs 16.8 lakh in the second year, Rs 17.64 lakh in the third, Rs 18.52 lakh in the fourth and Rs 19.45 lakh in the fifth year.
Over the full five-year period, the rental income is estimated at around Rs 10.61 crore.
The agreement also includes a security deposit of Rs 48 lakh. The transaction attracted stamp duty of Rs 2.71 lakh, while Rs 1,000 was paid as registration charges.
Who has leased the property?
Ajay Devgn, whose legal name is listed as Vishal Veery Devgn in the agreement, and Veena Devgn are named as the lessors. Mohnish Shashikant Dhavale represented them through a power of attorney.
Florian Hurel Salons Private Limited is listed as the lessee, with Zarir Furshostre Meherji signing the agreement as the company’s authorised representative.
The latest lease adds another chapter to the property’s financial history. The Juhu bungalow had previously been associated with a substantial loan transaction involving the actor.
Property was bought for Rs 47.5 crore
Earlier reports citing Zapkey had stated that Devgn acquired the bungalow for Rs 47.5 crore and later raised a loan of Rs 18.75 crore against it.
Documents indicate that the property was purchased on December 29, 2020, while the loan was secured on April 27, 2021. Devgn reportedly paid Rs 2.37 crore in stamp duty at the time of the transaction.
The records also show that the property changed hands through a transfer deed rather than a conventional sale deed.
Juhu remains a premium property market
Juhu continues to be one of Mumbai’s most sought-after residential neighbourhoods, particularly for luxury homes and celebrity properties. Its coastal location, connectivity to key commercial areas and access to retail, hospitality and entertainment facilities have helped maintain demand for premium real estate.
Limited availability of high-value land in the neighbourhood has also contributed to sustained property prices.
For Devgn, the five-year lease provides a significant rental return from the property while allowing the bungalow to remain part of his real-estate portfolio.
On the work front, Ajay Devgn was last seen in Dhamaal 4.
