Global banking major BNP Paribas has secured a prime office space in Mumbai’s business district Bandra Kurla Complex (BKC), leasing a ground-floor unit in a commercial complex at a monthly rental of Rs 811 per sq ft, making it one of the most expensive commercial property deals in the country.
ET has reported earlier this week that Elon Musk-owned electric vehicle (EV) maker Tesla Inc leased space in BKC at monthly rentals of Rs 881 per sq ft setting a new national record surpassing the earlier benchmark set by Apple Inc at Rs 738 per sq ft in January.
The BNP Paribas’ lease agreement was finalized on February 18, with the five-year lease tenure set to commence later this year on August 16. The bank will occupy a 3,497 sq ft chargeable area in Maker Maxity’s 1 North Avenue, paying a total rent of Rs 28.36 lakh per month to the landlord, Neelammegha Investments and Trading Company.
As part of the agreement, the BNP Paribas has provided a 12-month security deposit of Rs 3.4 crore. The lease term is structured with a clause to escalate rentals by 5% every year, showed official registration documents accessed through Propstack.
It could not be ascertained if this is a renewal or fresh agreement as the bank already has offices across a few floors in this building.
ET’s email query to BNP Paribas remained unanswered until the time of going to press.
Industry experts note that despite global economic fluctuations, marquee transactions such as this underscore the resilience of India’s commercial real estate market.
The transaction also highlights the continued demand for premium office spaces in Mumbai, which remains a preferred choice for multinational corporations, financial institutions, and investment firms.
