India’s commercial real estate sector is weathering global headwinds, thanks to its skilled talent pool and cost advantages. The commercial real estate sector in India is undergoing a significant transformation, driven by evolving business dynamics, and changing workplace trends. With a surge in foreign investments and the rise of startups, demand for office spaces in prime locations is witnessing a steady increase. Key business hubs like Mumbai, Bangalore and Delhi NCR are experiencing a boom in the construction of modern office complexes, reflecting the growing need for state-of-the-artwork environments. Bandra-Kurla Complex (BKC) is one such example of growing commercial space in Mumbai.
Inspire BKC is a commercial real estate project situated on the edge of Bandra-Kurla Complex (BKC), Mumbai. "Bandra Kurla Complex (BKC) stands as the preferred address for numerous multinationals and Indian corporate giants, as per individuals closely acquainted with the unfolding developments." Reliance Nippon Life Insurance has had an office space of 48924 sq. ft. in Inspire, BKC.
Reliance Nippon Life Insurance has renewed the lease from owner Adani Realty for a total period of five years. The agreement includes a lock in period for the entire term of lease i.e., for five years.
Reliance Nippon Life Insurance has renewed the lease with a rent of Rs. 219 per sq. ft. per month. Considering the per sq. ft. rate, the monthly rent amounts to a whopping 1.8 crores approximately. Currently the rents in the surrounding area, currently range between Rs. 220 to Rs. 230 per sq. ft.
Recent data reveals a noteworthy surge in office space leasing, reaching a six-quarter peak of 10.37 million square feet in the quarter ending September. This marks a remarkable increase of over 30% compared to the preceding quarter in the top seven office real estate markets.
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