Ajanta Pharma renews residential lease in posh Mumbai apartment for Rs 18 lakh a month

The Raheja Legend apartment is located in Worli. Real-estate experts say the deal clearly indicates that despite two waves of COVID-19, rentals in exclusive high-end apartment buildings have more or less remained stable.

Mumbai-based drug maker Ajanta Pharma has renewed its lease for a 3,369 sq ft apartment in Mumbai for a whopping Rs 18 lakh a month, registration documents accessed by IndexTap showed.

The lease for the apartment was executed on April 7 and registered on May 27 for six months, they said, adding that the rent amount has been increased by 12.6 percent over the previous agreement.

The sea-view apartment is located on the 18th floor (as per the Municipal Corporation of Greater Mumbai) of Raheja Legend in Worli and comes with six car parkings, it said.

Ajanta Pharma confirmed that the lease agreement has been renewed.

The company had signed a 30-month rent agreement in 2017, under which the rent for the first 11 months was Rs 14.50 lakh. 

The rent for the following 12 months was Rs 15.22 lakh per month (a 5 percent increase) and the rent for another 7 months was Rs 15.98 lakh per month (around 5 percent increase), registration documents accessed by IndexTap showed.

The agreement, registered in May this year, is almost a 12.6 percent increase over the previous rent, documents indicate.

Raheja Legend is a premium condominium complex of real-estate company, Raheja Universal, in Mumbai, comprising 40 floors. It was completed in 2011. The capital value of the apartment is around Rs 35 crore, local brokers said.

Real-estate experts said that the deal clearly indicates that despite two waves of COVID-19, rentals in exclusive high-end apartment buildings have more or less remained stable.

“COVID-19 has presented an opportunity for pharma companies. Revenues of the pharma sector grew in FY21 and is expected to grow further in FY22 as well. Pharma firms are flush with money and they may choose to park that in gold, stocks or real estate. Given these deals, it seems some pharma heads have found a fancy to real estate,” said Abhishek Kiran Gupta, promoter of IndexTap.

In March this year, Adar Poonawalla, head of the world’s largest vaccine manufacturer, Serum Institute of India Ltd, reportedly agreed to rent a property in Mayfair in London for about 50,000 pounds a week from Polish billionaire Dominika Kulczyk.

In 2018, Indian cricket team captain Virat Kohli, took a flat on lease in Raheja Legend project for Rs 15 lakh a month on the 40th floor. The flat in Raheja Legend was spread across 2,675.07 sq ft carpet area, local brokers said.

In November 2016, Shandilya properties, associated with Talati & Panthaky Associates, the famous architect, took a flat in the building for Rs 12 lakh a month. In January 2018, Nidana Management Consultancy Services (Amit Patni) took a flat for Rs 15 lakh a month in the same building, brokers said.

Ajanta Pharma currently employs over 7,000 people worldwide and its products are sold in over 30 countries, including in the US — the world’s largest market for pharmaceutical products. For the fiscal year ended March 2021, Ajanta Pharma posted a net profit of Rs 654 crore, compared to Rs 468 crore in the previous financial year. The company’s revenue from operations came in at Rs 2,890 crore for 2020-21. It was Rs 2,588 crore for the previous financial year.

The company shot into fame in the 1990s when Bollywood actor Jeetendra endorsed its popular over-the-counter (OTC) energiser capsule for men called ‘30-Plus’.The Mumbai-based listed company was set up in 1973 by three brothers, Mannalal, Purushottam and Madhusudan Agrawal.

Source: Moneycontrol

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