Reliance Nippon Life pitch to renew 48, 924 sq ft office space at Inspire BKC

A leading Insurance provider in India, Reliance Nippon Life Insurance has selected to renew a lease for 48,924 sq ft of office space in Inspire BKC.  Inspire BKC is a profitable real estate project located on the outside edge of the lively business district of Mumbai that boards several multinationals and Indian corporate houses, BKC (Bandra-Kurla).

It reveals that the company, Reliance Nippon Life Insurance goes through a concurrence of securing 48,924 sq ft of office space for a total tenure of five years with the landlord Adani Realty. In the terms of the leasing duration includes a lock-in period for the leaseholder right through the total period.

The current rental rates in the vicinity range between Rs 220 to Rs 230 per sq ft, while the Reliance Nippon Life Insurance’ renewal of the lease comes with a monthly leasing rate of Rs 219 per sq ft.

As per industry observers, the hard-wearing state of commercial real estate sector in India among the global headwinds is accredited to its competent talent pool and cost advantage. The leasing of office space in the top seven office property markets elevates surplus of 30% increase from the earlier quarter, which is six-quarter high of 10.37 million sq ft in the three months ended September.