You won’t find Iyer on the field this time; he’s been making his mark in Mumbai’s most cutthroat real estate market. The India cricketer has taken on a top-shelf apartment in Worli for 7.14 crore over a three-year term, a deal that puts a fine point on the appetite for high-end lets and the hold Worli has on its clientele.
There is a move away from putting down hard cash to buy in. Instead, you see more and more of these big names going for long leases that put them in prime locations without the strings attached. Iyer is of that mind, and it shows why the upper echelon of the rental game is a smart way to have your cake and eat it too when it comes to lifestyle and mobility.
Why this one is different
If you look at the paperwork as some in the industry have, the deal was put in the books in June and has a 7% year-on-year hike. All told, it’s 7.14 crore over 36 months. And then there was the 1.84 lakh in stamp duty to make it official.
The numbers that have people talking are here:
– 7.14 crore for the three years
– 18.50 lakh a month to start with
– 19.79 lakh in the second year (with the 7% up-tick)
– 21.18 lakh in year three
– 1.84 lakh in stamp duty
A look at Artesia: room to breathe and be left alone
Iyer will be living in the Artesia tower in Worli, in a 3,875 sq. ft. spread. It even comes with four parking bays, which is not something you come by every day and says a lot about the sort of privacy the building is after.
For a place in this league, you can expect the works: private lifts, open-plan living, a concierge, a gym, a pool, top-notch security and, of course, a view of the city or the sea. It’s the package that has tenants renting in droves.
Worli’s hold on the ultra-luxury set
It’s all about where you are and who you are. Worli is the link between South Mumbai and the BKC, and with the Sea Link, you can be anywhere in a jiffy. Add in some good food and a night out and it’s a fit for those who don’t have time to waste.
Ten years ago and the neighbourhood was a different story. Now it’s a row of ultra-fine towers with the Arabian Sea in the background. It has made it a go-to for anyone from an athlete to a CEO who wants the best of both worlds: a central location and a certain standard of living.
Put it in perspective
Some might say the rent for a month is what you’d pay for a nice car, or in some places, a modest home. But in the ultra-luxury side of things in Mumbai, having the right address and the peace of mind is worth more than the deed to the property for some.
The word on the street is that when a star like Iyer signs on for a spot in a key tower, it’s a sign of the times. Flexibility is what it’s all about. For the developers, it makes their investment in service-oriented living make sense. For the other side, it’s proof that in Mumbai, you’re paying for the experience, not just to own a piece of concrete.
Bottom line
This isn’t just Iyer showing off; it’s part of a pattern we’re seeing with marquee rentals and the annual price bumps that come with them. As long as a place like Worli has the location, the access and the bells and whistles, the moneyed few will be there to make it happen.
