The total tenure of the lease will be 36 months and the agreement includes a rent escalation clause for 5% upward revision every year.
In the first year, Madhuri will be paying monthly rental of Rs 12.50 lakh taking the annual pay out to Rs 1.5 crore. In total, she will be paying rent of nearly 4.73 crore over the entire tenure of three years including the rental escalation agreed upon, showed the documents accessed through Zapkey.com that aggregates publicly available property registration data.
Madhuri’s husband Shriram Nene declined to comment for the story.
The apartment on the 29th floor of one of the towers of the project will provide her access to five covered car parks. Madhuri has paid a security deposit of Rs 3 crore for the lease.
According to persons familiar with the development, the family has rented the apartment for personal use and has already started the interior and fit out work.
Indiabulls Blu, a luxury residential project, counts businessmen, entrepreneurs and CXOs among its residents. The integrated project spread over total 10 acres with one of the lowest densities has so far witnessed outright transactions ranging up to Rs 100 crore.