Entertainment giant Netflix Entertainment Services India LLP has renewed its lease agreement for commercial space measuring 1.37 lakh square feet (sq ft) in Godrej BKC in India's which is the costliest commercial business district, located in Bandra Kurla Complex (BKC) in Mumbai.
The monthly rental charges for the commercial space is worth Rs. 4.28 crore, which translates to Rs. 313 per sq ft. As per the agreement the company had to pay Rs. 34.30 crore as a security deposit. The documents were registered on November 2, 2023, and signed the deal which comes with 114 parking slots.The lease agreement is valid for five years, with a lock-in period of three years and the rental is subject to a 5 percent annual escalation.
Post pandemic the complex is signing few big amount deals and already companies like LinkedIn, Apple, Bank of China, and Hinduja Realty have leased commercial space here in the last 10 months. Bank of China too had leased 9,300 sq ft of office space at a monthly rent of Rs 46.34 lakh or Rs 500 per sq ft, for five years in the same building.
Just two months ago, LinkedIn Technology Information Pvt Ltd rented out 17,794 sq ft of office space in the Maker Maxity building. The monthly rent for the space is Rs. 1 crore, and the agreement is for five years starting in August 2024.
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