Mumbai’s Bandra Kurla Complex (BKC) continues to command some of India’s highest office rents, with BNP Paribas securing a prime space at a record-breaking rate. The French financial services firm has leased 3,497 sq ft of office space at 1 North Avenue, Maker Maxity, for ₹811 per sq ft per month, according to registration documents from Propstack. This marks the second recent lease in BKC to cross the ₹800 per sq ft threshold.

A Landmark Deal in Mumbai’s Costliest Office Hub

With a monthly rent of ₹28.36 lakh, BNP Paribas has committed to a five-year lease starting from August 16, 2025. The rent will increase by 5% annually, reaching ₹34.14 lakh per month by August 2030. The firm has also deposited ₹3.4 crore as a security deposit for the premium office space.

The transaction, registered on February 18, 2025, incurred a stamp duty of ₹5.11 lakh and a registration fee of ₹1,000. The deal reflects the soaring demand for premium office spaces in BKC, which is widely regarded as India’s most expensive commercial district.

BKC’s Rising Rents and Growing Demand

This lease follows another high-profile transaction in Maker Maxity, where Tesla Motors and Energy recently leased 4,003 sq ft at 2 North Avenue for ₹881 per sq ft per month to set up its showroom. These deals underscore BKC’s dominance as Mumbai’s most sought-after corporate hub, home to major global firms, including Google and Apple.

Despite BKC’s weighted average quoted rents (WAQR) ranging from ₹250 to ₹400 per sq ft per month as of December 2024, premium spaces in landmark buildings continue to command ultra-high rents. As more multinational firms expand in India, BKC is expected to maintain its position as the country’s top-tier office market.