Persons with direct knowledge of the development said that Reliance Nippon Life Insurance has extended its lease for 48,924 square feet of office space at Inspire BKC, a commercial real estate project located on the edge of Mumbai’s busy business district, the Bandra-Kurla Complex (BKC), which is home to numerous multinational corporations and Indian corporate houses.
The office space is being rented by the company from Adani Realty for a period of five years. The lease contains a lock-in period that applies to the tenant for the duration of the agreement.
The lease has been extended with a monthly rate of Rs 219 per square foot by Reliance Nippon Life Insurance. The current range of monthly rentals in the area is between Rs 220 and Rs 230 per square foot.
As of the time of going to press, ET’s email inquiry to Adani Realty and Reliance Nippon Life Insurance had not received a response. Transaction advisor Colliers remained silent regarding the agreement.
Because of its skilled labour pool and cost advantage, India’s commercial real estate industry is resiliently enduring global pressures.
The September quarter saw the greatest performance in 18 months for net absorption of office space throughout the nation’s major real estate markets, highlighting this trend.
In the three months ended in September, leasing of office space in the top seven office property markets increased by more than 30% from the previous quarter to a six-quarter high of 10.37 million sq ft, according to current data.
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