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1 Above spent Rs 2 cr as rent for 14 months

LLP partner Kripesh M Sanghvi leased out the place for a period of five years starting October 2016

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Sigrid Ospitalita and Entertainment LLP, owners of 1 Above restaurant, leased out the Kamala Mills place from a firm named Royal Trader’s partner Ramesh Gowani and Kamala Mills Ltd’s director Ravi Bhandari. LLP partner Kripesh M Sanghvi leased out the place for a period of five years starting October 2016. Sanghvi had to pay Rs 16.64 lakh for the first 36 months and Rs 19.14 lakh for the remaining 24 months, as mentioned in the agreement. The deposit paid was Rs 99.86 lakh for an area admeasuring 1,730 square feet.

According to the registration document available with DNA, Sanghvi’s company leased out the place on October 25, 2016. The area leased was on the third floor of the lower level of Kamala House of Kamala City in Lower Parel. Till now the company has spent approximately Rs 2 crore for the 14 months of occupation. While registering the lease and license agreement, they paid a stamp duty of Rs 3.27 lakh. 

A real estate broker said, “The per square foot rent with this figure comes to Rs 962 per sq ft, which is very high compared to the existing market rate. However, one will also have to consider whether the land leased includes the terrace, which it might not be put in the agreement.” 

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