Sebi Chairman Leases Luxury Apartment in Mumbai

In a move that underscores the growing intersection of luxury real estate and high-ranking bureaucratic appointments, the newly appointed chairman of the Securities and Exchange Board of India (Sebi), Tuhin Kanta Pandey, has leased a five-bedroom luxury apartment in Mumbai’s upscale Prabhadevi area.

The apartment, located in the plush Rustomjee Crown Tower, carries a monthly rent starting at Rs.7 lakh, with a total lease value of Rs.2.65 crore over three years.

Registered on 3rd September, 2025, the lease contract has a lock-in tenure of 12 months, a security deposit of Rs.42 lakh, and annual increments leading to rent of Rs.7.35 lakh in the second year and Rs.7.71 lakh in the third. The transaction was with property owner Vijay Shrishrimal and has four parking spaces. 

Key highlights:

• Newly appointed SEBI Chairman Tuhin Kanta Pandey has leased a five-bedroom apartment in Rustomjee Crown with a starting monthly rent of Rs.7 lakh and a 12-month lock-in period
• SEBI stated that the lease amount and property size are within approved limits, and the rent was based on a valuation report from a leading property valuer
• Real estate experts say the deal highlights strong demand for high-end rentals in Mumbai, driven by luxury amenities, sea views, and secure living spaces

Sebi justified the deal, saying, "The premise size and lease amount in this specific case is within the limit approved. Moreover, the lease amount was decided according to a valuation report of a prominent property valuer."

Real estate experts say the deal is reflective of Mumbai’s elite rental segment. “High-end rentals in towers like Rustomjee Crown are in strong demand. These properties offer unmatched sea views, security, and amenities,” said a senior luxury realtor.

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According to IGR data, Mumbai saw 190,000 rental agreements in H1 2024—a 13 percent rise year-on-year—demonstrating the robustness of its leasing market, particularly in premium localities like Prabhadevi, Worli, and BKC.