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 costliest commercial business district, Bandra Kurla Complex (BKC) in Mumbai, according to documents accessed by FloorTap.com
The monthly rental for the commercial space is Rs 4.28 crore, which translates to Rs 313 per sq ft. The company has paid Rs 34.30 crore as a security deposit, according to the documents.
The documents were registered on November 2, 2023, and the deal comes with 114 parking slots.
The lease agreement is for five years, with a lock-in period of three years. The rental is subject to a 5 percent annual escalation, the documents added.
Meanwhile, an email query has been sent to Netflix, seeking comment. Also, the owner of the property, D Decor Properties LLP, could not be reached for comment.
Notable deals in BKC
The lease market inside BKC has been reporting several big-ticket deals post-COVID-19. Companies like LinkedIn, Apple, Bank of China, and Hinduja Realty have leased commercial space here in the last 10 months.
Two months ago, LinkedIn Technology Information Pvt Ltd (LTIPL) 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.
In the same building, the Bank of China too, 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.
Colliers was the transaction advisor, however, when contacted the company refused to comment.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
