The leased property is located in Artesia, a high-end residential development in Worli, and spans approximately 3,875 square feet. The apartment also includes four dedicated parking spaces, reinforcing its positioning within the city’s premium housing segment.
As per official registration documents, Iyer paid a stamp duty of ₹1.84 lakh along with registration charges of ₹1,000 for the execution of the lease agreement. In addition, a security deposit of ₹74 lakh has been placed against the property.
The lease structure has been fixed for a tenure of 36 months, with an annual escalation clause built into the agreement. The monthly rent is set at ₹18.5 lakh for the first year. In the second year, the rent increases by approximately seven percent to ₹19.79 lakh per month. In the third and final year, it rises further by another seven percent to ₹21.18 lakh per month.
Based on this structured escalation, the cumulative rental value over the entire lease period amounts to ₹7.14 crore. The arrangement reflects the high-value nature of luxury residential contracts in Mumbai’s prime real estate corridors.
Worli remains one of Mumbai’s most prominent and expensive residential hubs, known for its premium developments and strategic connectivity to key commercial zones. The locality benefits from major infrastructure networks, including the Bandra-Worli Sea Link, the Eastern Freeway, and arterial road systems connecting different parts of the city.
According to Square Yards, rental values across Mumbai vary significantly by location and asset class, with Mumbai South continuing to rank among the most expensive rental markets. Premium developments in Worli consistently command some of the highest rental valuations in the region.
The lease agreement adds Shreyas Iyer to a growing list of high-profile individuals participating in Mumbai’s luxury housing market, underscoring the sustained demand for elite residential properties in the city.
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