Mumbai: American media services provider Netflix Inc 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, two persons with direct knowledge of the development said.
The video streaming giant leased the office space spread over two floors in commercial tower Godrej BKC from promoters of D’décor Home Fabrics. Netflix will be paying a rent of Rs 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. The company has already released original series like ‘Sacred Games’ and ‘Ghoul’ and will be releasing ‘Selection Day’ on Friday. It has over 12 more original series and films in the pipeline from and for India.
Netflix currently has a staff of more than 40 in India and operates out of its office in North Avenue, Maker Maxity in BKC.
In an earlier interaction with ET, chief content officer at Netflix Ted Sarandos had said that company made its fastest investment in local original programming in India.
Separate email queries to Netflix and transaction advisor CBRE South Asia remained unanswered till press time. Ajay Arora, managing director at D’décor Home Fabrics, declined to comment for the story.