Netflix India extends its five-year office lease at Godrej BKC

Netflix has extended the lease for its two office buildings in Godrej BKC, Mumbai, for a fee payment of ?4.28 crore per month. The five-year contract has a five percent yearly rent increase.

Mumbai: At a monthly price of 4.28 crore, Netflix Entertainment Services India LLP has extended the lease for its two office floors in the Godrej BKC building located in the G Block of Bandra Kurla Complex (BKC).

A 1.37 lakh square foot lease has been struck between Netflix and D Decor Properties LLP for flats 1101 and 1201 on the 11th floor of Godrej BKC. On Thursday, the transaction was recorded. According to registration records that FloorTap.com, the commercial real estate portal of the CRE Matrix group, accessed and publicised, the OTT behemoth has agreed to pay a security deposit of ?34.30 crores for both apartments.

According to the documents, Netflix will receive 114 automobile parking places and pay a rental fee of ?313 per square foot. The documents stated that the lease has a five-year term and that there will be an annual 5% increase in rentals.