Streaming services provider Netflix has inked an agreement to lease around 1.4 lakh sq feet of prime space in Mumbai’s Bandra Kural Complex at a monthly rent of Rs 312.69 per sq feet. Sources close to the development said that the company has taken a space from D’décor Home Fabrics and will be setting up its support services from the 11th and 12th floor of Godrej BKC building.
Documents accessed by FloorTap.com said that the company has entered into a five-year lease agreement.
Colliers acted as the transaction advisor. They did not comment on the deal. The rental agreement also has a clause for 15% rental increase every three years.
Netflix remained unavailable for a comment.
D’décor promoters had reportedly bought these two floors for approximately Rs 400 crore from Godrej Properties in the 19-storey commercial tower.
Netflix was previously operating from Maker Maxity in BKC. The California headquartered streaming platform entered India in 2016. It was founded in 1997 by Reed Hastings and Marc Randolph in Scotts Valley, California.
The APAC region has contributed to a third of its subscriber growth. Netflix reportedly has 5.5 mn subscribers in India.
Earlier, senior Netflix officials had said that India provided tremendous opportunities for expanding its services, including a post-production unit.
Of all its markets, India was the first one where Netflix launched its mobile-only plan.