SEBI Leases Luxury Apartment in Mumbai for Chairman at Rs 7 Lakh per Month
The Securities and Exchange Board of India (SEBI) has leased a luxury apartment in south Mumbai’s upscale Prabhadevi locality at a monthly rent of Rs 7 lakh to house its chairman. The three-year lease agreement, signed on September 3, 2025, covers a 5-bedroom apartment spread over 3,000 sq ft carpet area in a premium residential development overlooking the Arabian Sea.
The unit, located on the 51st floor of Rustomjee Crown spread over 5.75 acres, comes with four car parks. The deal includes a security deposit of Rs 42 lakh and carries a 5% annual escalation clause on rent, as shown in the documents accessed through Zapkey.com, a realty data analytics platform.
SEBI’s current Chairman is Tuhin Kanta Pandey, who took charge on March 1. The regulator has a Board-approved policy for providing leased accommodation to its Chairman, Whole Time Members, Executive Directors, and all other officers of SEBI. The lease amount varies according to the rank or designation of the officers of the Board.
The current leased accommodation for the Chairman is in accordance with the said Board-approved policy, and the size of the premise and the lease amount in this instance are within the approved limit. Additionally, the lease amount was determined in line with a valuation report from a leading property valuer, as the regulator stated in response to ET’s query.
The deal highlights the rentals in Mumbai’s luxury housing market, which continues to see robust demand from CXOs, expats, and institutional tenants despite escalating prices. This trend underscores the resilience and attractiveness of Mumbai’s real estate sector, particularly in premium localities like Prabhadevi.
SEBI, the capital market regulator, plays a crucial role in overseeing the securities market in India. The organization’s decision to lease a high-end apartment for its chairman reflects its commitment to providing suitable accommodation for its top officials, ensuring they can focus on their regulatory duties without the distraction of personal logistics.
The leasing of this luxury apartment also indicates the ongoing strength of the real estate market in Mumbai, where demand for high-end properties remains strong. This demand is driven by a combination of factors, including the city’s status as a financial hub, the presence of multinational corporations, and the preferences of high-net-worth individuals and expatriates.
In conclusion, SEBI’s decision to lease this premium apartment in Prabhadevi not only ensures the comfort and efficiency of its chairman but also serves as a testament to the robustness of Mumbai’s luxury real estate market.
