The Securities and Exchange Board of India (SEBI) has recently finalized a high-profile real estate lease to provide its chairman, Tuhin Kanta Pandey, a luxurious residence in Mumbai’s premium Prabhadevi neighborhood. The 5 BHK apartment in the upscale Rustomjee Crown Tower comes at a monthly rent of ₹7 lakh, with a lease tenure of three years and a total rental outlay of ₹2.65 crore. This strategic housing arrangement reflects SEBI’s board-approved policy and highlights ongoing trends in Mumbai’s premium rental real estate market.
Key Highlights of SEBI’s New Chairman Accommodation
SEBI has leased a 5-bedroom luxury apartment spanning approximately 3,000 sq. ft. in Prabhadevi’s Rustomjee Crown Tower for its chairman.
The lease agreement was signed on September 3, 2025, with a tenure of three years, including a 12-month lock-in period.
Starting monthly rent is ₹7 lakh for the first year, escalating by 5% annually to ₹7.35 lakh in year two and ₹7.71 lakh in year three.
The apartment comes with four dedicated covered parking slots.
SEBI deposited a security amount of ₹42 lakh and paid stamp duty of ₹69,500 and registration fees.
The apartment is fully furnished and intended to serve as a residence for the chairman and his family.
The lease is from individual owners named Vijay Shrishrimal, Sanjay Shrishrimal, and Dhirendra Shrishrimal.
The apartment is located about 30 minutes from the SEBI headquarters, facilitating convenient commute.
Details and Context of the Apartment Lease
The leased property is located on the 51st floor of Tower A in the prestigious Rustomjee Crown development, a gated 5.75-acre residential project hosting large-format apartments with premium amenities. The location in Prabhadevi enjoys high demand owing to proximity to Mumbai’s principal business hubs including Bandra-Kurla Complex, Lower Parel, and Nariman Point.
SEBI’s board has a predefined policy guiding leased accommodations for its top officials, including the chairman. The policy stipulates variation in rent linked to rank and designation. The lease terms complied with this approved policy and were benchmarked through a valuation report from a leading property valuer, ensuring the rent is within an approved limit.
The contract includes a robust rental escalation clause of 5% annually, reflecting prevalent market conditions in Mumbai’s luxury real estate segment. The lock-in period and the security deposit amount underscore the formalized nature of this arrangement.
Market Implications and Rental Trends
This deal reveals broader dynamics in Mumbai’s rental market, especially for premium residential properties. According to Maharashtra’s Inspector General of Registration data, Mumbai records more than 3 lakh rental agreements annually across residential, commercial, and retail segments. The volume of leave-and-license agreements has shown steady growth with 1.90 lakh recorded in the first half of 2024 alone, marking a 13% rise year-over-year.
The Prabhadevi area has gained prominence as a preferred locale for luxury housing due to excellent connectivity, sea-facing views, and access to business centers. The demand from senior executives, institutional tenants, and government officials keeps rental prices resilient despite economic fluctuations.
Officials note that leasing such high-end accommodation to SEBI’s chairman aligns with practices seen across regulatory and government institutions in major metros, where providing secure, comfortable, and representative housing is part of attracting and retaining leadership talent.
Financial Nuances of SEBI’s Lease Decision
While the monthly rent of ₹7 lakh significantly exceeds the chairman’s consolidated salary, it aligns with SEBI’s entitlement policy, which includes rent-free unfurnished housing or House Rent Allowance when private accommodation is used.
The choice of opting for private accommodation and the associated compensation structure are designed to provide flexibility while ensuring top officials are suitably housed.
The expensive rent underscores the soaring real estate values in central Mumbai, where prime residential properties in neighborhoods like Prabhadevi command prices upwards of ₹32,000 to ₹35,000 per sq. ft., reflecting the scarcity and luxury status of such assets.
In sum, SEBI’s leasing of a luxury Prabhadevi apartment to its chairman signifies a well-calibrated blend of board policy adherence, market realities, and the need to provide suitable living conditions for top regulatory officials in one of India’s most expensive metropolitan housing markets.
Source: Hindustan Times, The Hindu Businessline, Free Press Journal, The Realty Today, Financial Express
