Premium housing for SEBI chief
Mumbai: The Securities and Exchange Board of India (SEBI) has leased a luxury 5-BHK apartment in the upscale Prabhadevi area of South Mumbai to house its chairman. The residence comes with a monthly rent of ₹7 lakh, highlighting the high costs of premium housing in the financial capital.
Lease details
The lease has been signed for a three-year period, bringing the total rent commitment to about ₹2.65 crore. The spacious apartment is located in one of Mumbai’s most exclusive neighbourhoods, known for its luxury towers and proximity to the sea.
SEBI’s justification
According to official records, the housing arrangement falls within SEBI’s board-approved limits for top officials. The rent was fixed on the basis of an independent valuation by a leading property consultant. SEBI has maintained that the residence is necessary given the chairman’s position and responsibilities, while also ensuring transparency in the process.
Broader context
High-end housing for senior government and regulatory officials is not uncommon in Mumbai, a city where rental rates are among the steepest in the country. However, such decisions often draw scrutiny, as they involve significant expenditure of public resources. SEBI’s move reflects the balancing act between providing adequate facilities to its leadership and maintaining accountability to stakeholders.
Conclusion
The decision to rent a luxury apartment in Prabhadevi for its chairman underscores the financial scale of housing needs for top executives in Mumbai. While compliant with existing norms, it is likely to remain under the public eye for its cost and symbolism.