Reliance Nippon Life Insurance has renewed a lease for 48,924 sq ft office space in Inspire BKC, a commercial real estate project situated on the edge of the Bandra-Kurla Complex (BKC), Mumbai’s bustling business district that is home to a host of multinationals and Indian corporate houses, said persons with direct knowledge of the development.
The company has leased the office space from the landlord Adani Realty for a total tenure of five years. The agreement includes a lock-in period for the tenant for the entire term of the lease.
Reliance Nippon Life Insurance has renewed the lease with rental at Rs 219 per sq ft a month. Rentals in the vicinity currently hover around Rs 220 to Rs 230 per sq ft a month.
ET’s email query to Reliance Nippon Life Insurance and Adani Realty remained unanswered until the time of going to press. Transaction advisor Colliers did not comment on the deal.
India’s commercial real estate sector is weathering global headwinds with resilience, thanks to its qualified talent pool and cost advantage.
Underscoring this trend, net absorption of office space across key property markets in the country recorded its strongest performance in 18 months in the September quarter.
According to recent data, leasing of office space in the top seven office property markets jumped to a six-quarter high of 10.37 million sq ft in the three months ended September, a more than 30% increase from the previous quarter.
