SEBI rents apartment in Mumbai’s Prabhadevi for chairman at Rs 7 lakh/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 capital market regulator’s current Chairman is Tuhin Kanta Pandey since he took charge on March 1.


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, showed the documents accessed through Zapkey.com, realty data analytics platform.

“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 regulator said in response to ET’s query.

The current leased accommodation for Chairman is in accordance with the said board approved policy and the size of the premise and the lease amount in this instance is within the approved limit. Additionally, the lease amount was determined in line with a valuation report of a leading property valuer, the response added.

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.