Thursday, March 28

Tag: lease

US based Netflix to Open India HQ on Lease in Mumbai
BUSINESS

US based Netflix to Open India HQ on Lease in Mumbai

US based video streaming service provider Netflix has reportedly picked up 1.5 lakh sq ft office space in Bandra-Kurla Complex (BKC), Mumbai's new business district, on long-term lease to set up its India head office. The video streaming giant leased the office space spread over two floors in commercial tower Godrej BKC from promoters of D'decor Home Fabrics. Netflix will be paying a rent of 265 per sq ft a month for this office space taking the total annual pay-out to 47.70 crore. The total tenure of the lease is nine years and the contract includes a clause to cover 15% rental escalation at the end of every three years. India is one of the most lucrative markets for Netflix and it is looking to expand here and focus on original content for the local market. ...