In a trend observed among several Bollywood luminaries, figures like Imran Khan, Kriti Sanon, Kartik Aaryan, Vicky Kaushal, and Katrina Kaif have chosen to reside in rented accommodations across Mumbai. Recently, Imran Khan and his partner, Lekha Washington, secured a flat in Bandra, Mumbai, from film producer Karan Johar, agreeing to a monthly rent of ₹9 lakh for a three-year term.
Apart from Khan, other notable actors like Kriti Sanon, Kartik Aaryan, Vicky Kaushal, and Katrina Kaif have also opted for rented apartments in the city. Additionally, instances have surfaced where Bollywood personalities have invested in real estate solely for leasing purposes.
Imran Khan’s recent lease agreement, facilitated by Zapkey, reveals his tenancy of a three-story apartment situated in Clefepete on Carter Road, Bandra, from Karan Johar. The agreement, registered on March 20, 2024, involved a security deposit of ₹27 lakh.
Why the preference for renting over purchasing among Bollywood actors?
For some actors, despite the financial capacity to buy, renting aligns better with their specific preferences, such as securing a sea-facing view or residing in a particular location. Furthermore, the desired apartment might not be available for sale, making renting the next viable option.
Sandeep Reddy, co-founder of Zapkey, elaborates that unstable income streams could also contribute to this trend. Some actors may prefer to avoid substantial financial commitments associated with property purchases, opting instead to allocate funds toward rent, especially when uncertain about future earnings.
According to Ritesh Mehta, senior director and head of Residential Services and Developer Initiatives for West and North regions at JLL, several Bollywood celebrities seek premium sea-facing apartments, often not readily available for sale in their desired locations. As a result, they initially opt to lease while continuing to search for their ideal property. Additionally, emerging talents might opt for renting due to financial constraints at the outset of their careers, along with irregular income streams that deter them from committing to mortgage repayments. However, there are also instances where actors purchase properties solely for rental income purposes.