Online education firm Byju’s has leased office space of about 5.58 lakh sq ft in Bengaluru’s Kalyani Techpark Pvt Ltd for Rs 2.93 crore per month for a period of five years, documents accessed by Propstack showed.
The company has leased space in two buildings. This includes 3,47,737 sq ft and 2,11,043.5 sq ft spread across five floors, the documents showed.
The rent is Rs 95.16 per sq ft, per month, the documents showed
The company has paid a stamp duty of around Rs 65 lakh on the deal, the lease deed showed.
The documents were registered in March and April, 2022.
The leased office space comes with a lock-in period of three years and rent escalation of 5 percent every year.
Think & Learn Pvt Ltd, which does business as Byju's, is yet to respond to queries.
“Bengaluru continues to lead the demand for office space in India. The Byju’s transaction is further proof of how companies from different sectors prefer to locate their large-scale operations in the city. That said ‘edtech’ is currently facing some challenges in India and we believe that similar deals will be less common in future,” said Raja Seetharaman, co-founder, Propstack.
Earlier this year, the company leased 44,000 square feet (sq ft) in Mumbai’s Andheri East area at Rs 26.86 crore for five years, starting January 1.
Last October, the company had leased office space across 5,701 sq ft in Mumbai’s Andheri East area for Rs 13.9 lakh per month for five years. The transaction was executed and registered on October 13, 2021.
Kalyani Techpark is a Grade A commercial office building in Whitefield, Bengaluru. The techpark has top tenants such as HP, Birlasoft Ltd., Aptiv Components India Pvt. Ltd., Molex, and Koch Business Solutions, to name a few.
"The addition of Byju’s to the list is a feather in the cap for this tech park," said Bappaditya Basu, Chief Business Officer, ANAROCK Commercial.
The prevailing rent in this techpark is in the range of Rs 70–Rs 100 per sq ft per month on carpet area, depending on the tenant, area leased, facilities and amenities, and other terms and conditions.The edtech space in India has been growing for the past few years and the unprecedented crisis created by the COVID-19 outbreak has accelerated adoption. Completely online or hybrid schooling and education became the norm during the pandemic and many edtech companies are now in expansion mode, he added.