Veteran filmmaker Subhash Ghai, in partnership with Crest Ventures Limited and Mukta Arts, has leased a commercial property located in Andheri West, Mumbai, for a five-year period. The lease agreement, registered in July 2025, will generate a cumulative rental income of approximately ₹2.24 crore over the tenure, according to property documents reviewed by real estate platform Square Yards.
The leased property, located in a commercial building known as Crest Mukta, has a built-up area of approximately 7,500 sq. ft. (around 697 square metres). The agreement, executed and registered with the Maharashtra Inspector General of Registration (IGR), involves an initial monthly rent of ₹3.38 lakh. The rent is set to escalate to ₹4.11 lakh by the end of the fifth year, with an approximate annual increment of 5%.
The registration process included a stamp duty payment of ₹57,500 and registration charges of ₹1,000. The deal also incorporates a refundable security deposit amounting to ₹24.66 lakh, as per the lease terms reviewed by Square Yards on the IGR Maharashtra portal (https://igrmaharashtra.gov.in).
The leased premises are situated in Andheri West, one of Mumbai’s prominent mixed-use zones. The area is a preferred destination for residential and commercial developments due to its proximity to key transport and commercial hubs. It offers connectivity to the Western Express Highway, Mumbai International Airport, Andheri Railway Station, and metro corridors.
Andheri West has a long-standing presence in the real estate market and continues to attract both domestic businesses and media-related enterprises. Its location has made it a significant choice for film production houses, content studios, and digital media firms operating in Mumbai.
The lease agreement covers a total period of 60 months, or five years. The first-year rent has been fixed at ₹3.38 lakh per month. Based on the agreed escalation clause, the rent increases every year, reaching ₹4.11 lakh per month in the fifth year.
Square Yards' analysis of the agreement suggests that the cumulative rental income over the five-year period will total ₹2.24 crore. The deal structure includes steady annual increments, reflecting a standard commercial leasing format in Mumbai’s suburban business zones.
Subhash Ghai and his associated companies—Mukta Arts and Crest Ventures—are listed as the lessors in the agreement. The commercial asset under lease is part of a joint development and investment arrangement involving Crest Ventures Limited and Mukta Arts, the media and entertainment company founded by Ghai.
Earlier this year, in February 2025, Ghai and his wife Mukta Ghai purchased a high-value residential apartment in Bandra West for ₹24 crore. The Bandra property acquisition was also registered with the Maharashtra IGR, reflecting Ghai’s ongoing interest in Mumbai’s prime real estate sectors for both personal and business purposes.
The lease deal is reflective of continued institutional and individual investor activity in suburban commercial hubs such as Andheri West. Market analysts tracking lease transactions in the area indicate that 5% to 7% annual rental escalations are standard for mid-size commercial properties in Mumbai’s western suburbs.
Data from Square Yards indicates that Andheri West continues to show active leasing by media, production, and technology-oriented firms, along with coworking operators. The locality’s consistent demand and access to transport and workforce hubs have made it a preferred location for both long-term leasing and investment.
According to information accessed via the IGR Maharashtra portal, the lease was formally recorded in July 2025. The documents confirm payment of statutory stamp duty and registration charges, in accordance with Maharashtra state guidelines for commercial leasing.
The agreement outlines the obligations of both lessor and lessee regarding possession, maintenance, and escalation clauses. It also includes standard clauses for renewal, default, and exit, which align with similar long-term leases in Mumbai’s commercial segments.
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