SEBI Leases Luxury Prabhadevi Apartment for Chairman at Rs 7 Lakh Monthly Rent
The Securities and Exchange Board of India (SEBI) has leased a high-end apartment in Mumbai's Prabhadevi area for its chairman, Tuhin Kanta Pandey, at a monthly rent of Rs 7 lakh. The lease agreement, registered on September 3, includes a five percent annual escalation over three years.
SebiTuhin Kanta PandeyPrabhadeviRustomjee CrownLeased AccommodationReal EstateSep 16, 2025
The agreement was registered on September 3, and the capital market regulator also paid a security deposit of Rs 42 lakh. The three-year lease tenure also has a lock-in period till September 4, 2026, as mentioned in the lease documents. The apartment is located in Tower 'A' of the development and comes with four covered car parking spaces.
In response to a query sent by Moneycontrol, SEBI stated that the nature, size, and lease amount of the accommodation for its chairman are in line with its policy. 'SEBI 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/designation of the officers of the board,' the capital market regulator said.
The current leased accommodation for Chairman is in accordance with the said Board-approved policy. Further, it may be informed that the size of the premise and the lease amount in this particular instance are within the approved limit. Additionally, the lease amount was determined in line with a valuation report of a leading property valuer, SEBI added.
Rustomjee Crown, built by the Rustomjee Group, is one of the most prominent developments in the Worli-Prabhadevi-Dadar area, with two towers fully complete. The third tower is expected to be ready in the coming months, according to market sources. On prominent property websites, rents for five-bedroom apartments have been listed at around Rs 6-7 lakh per month, depending on the size and level of furnishings.
Tuhin Kanta Pandey, a retired Indian Administrative Service (IAS) officer belonging to the Odisha cadre, has functioned in crucial bureaucratic positions in the Union government. This includes stints as both finance and revenue secretary, as well as secretary of the Department of Investment and Public Asset Management (DIPAM). In the latter role, he oversaw the sale of Air India to the Tata Group and the initial public offering (IPO) of Life Insurance Corporation (LIC), India's largest life insurer. Pandey took over as chairman of SEBI on March 1 for a three-year term, succeeding Madhabi Puri Buch.
Frequently Asked Questions
What is the monthly rent for the apartment leased by SEBI for its chairman?
The monthly rent for the apartment leased by SEBI for its chairman Tuhin Kanta Pandey is Rs 7 lakh.
Where is the apartment located?
The apartment is located in the Rustomjee Crown development in Prabhadevi, Mumbai.
How long is the lease agreement?
The lease agreement is for a three-year tenure with a lock-in period till September 4, 2026.
Who are the co-owners of the apartment?
The apartment is owned by three co-owners based in Mumbai and Raipur.
What is the security deposit paid by SEBI?
SEBI paid a security deposit of Rs 42 lakh.
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