A high-value Worli residential lease
Derive Trading and Resorts Private Limited, an entity linked in property records to the family office of DMart founder Radhakishan Damani, has leased a 6,831 sq ft apartment at Three Sixty West in Worli to IVL Dhunseri Petrochem Industries Private Limited, according to reports based on registration documents accessed by property-data platform Zapkey.
The starting rent is ₹28.5 lakh a month. The agreement was registered on 28 September 2026 for 36 months and includes four car-parking spaces. The tenant paid a security deposit of ₹1.71 crore, Hindustan Times and Mint reported. Mint published its report at 8:02 PM IST on 3 October; Hindustan Times displayed an update at 10:19:35 AM IST on 4 October. [1][2]
BrickBharat did not directly inspect the underlying registration instrument. The transaction details in this article are therefore attributed to the two publications and Zapkey rather than presented as an independently retrieved government record.
Rent escalation takes total outgo to about ₹10.78 crore
The monthly rent is reported to rise by 5% each year: from ₹28.5 lakh during the first year to ₹29.925 lakh in the second and ₹31.42125 lakh in the third. The estimated rent over the full three-year term is approximately ₹10.78 crore. Reports also place the stamp duty at ₹2.83 lakh and the registration fee at ₹1,000. [1][2]
Those amounts should be kept distinct. The security deposit is not rent, while stamp duty and registration fees relate to recording the agreement. Adding them together as a single “property price” would misrepresent the structure of the lease.
The apartment is reported to be on the 19th floor of Tower B at Three Sixty West on Dr Annie Besant Road. The transaction is a lease, not a sale; it does not establish a new capital value for the apartment.
What the deal indicates about Worli luxury housing
The agreement adds another identifiable data point to Mumbai’s ultra-luxury residential rental segment. In May 2026, the same landlord reportedly leased another apartment in Three Sixty West for ₹27.5 lakh a month. The new starting rent is higher, but the reports reviewed do not establish that the apartments have identical attributes or lease terms. [1][2]
BrickBharat’s assessment is that marquee transactions demonstrate the existence of a small market for exceptionally expensive homes; they do not show the typical rent in Worli or Mumbai. Unit size, floor, view, furnishing, parking, lease duration and the parties’ requirements can materially affect an individual agreement.
The corporate identity of the tenant also matters when interpreting the transaction. A company taking a high-value apartment may have accommodation needs that differ from those of an individual household. The reports do not specify the intended occupant or give a reason for the lease, and BrickBharat does not infer one.
Rental yield cannot be established from this agreement alone
Readers interested in property investment may be tempted to convert the rent into a yield. That calculation requires a reliable current value for the specific apartment, alongside ownership costs, vacancy assumptions, taxes and other expenses. A historic portfolio acquisition involving multiple homes cannot safely be used as the present value of this unit.
In 2023, Damani, family members and associates acquired 28 apartments in Three Sixty West for a combined ₹1,238 crore, according to both reports. The aggregate purchase involved 182,084 sq ft and 101 parking spaces. It provides portfolio history, not a unit-specific valuation for this lease. [1][2]
What Mumbai property-market readers should watch
Further registered leases in the same building and comparable Worli developments would help show whether top-end rents are broadening or whether this remains an exceptional band of the market. Consistent comparisons would require the same area basis, furnishing level, parking entitlement and lease duration.
The verified news is narrower: a reported registered agreement begins at ₹28.5 lakh a month and escalates over three years. It is useful evidence of activity at the very top of Mumbai luxury real estate, but it should not be treated as a citywide rental benchmark or a forecast of future returns.
Sources
- Hindustan Times — Damani-linked firm’s ₹28.5 lakh Worli lease. Mehul R Thakkar; updated 4 October 2026, 10:19:35 AM IST. Registration details attributed to Zapkey.
- Mint — Worli apartment lease and ₹1.71 crore deposit. Rajendra Saxena; published 3 October 2026, 8:02 PM IST. Registration details attributed to Zapkey.