BNP Paribas Secures Office Lease in BKC at ₹811 Per Sq Ft, Among India’s Highest Commercial Rents

Global banking firm BNP Paribas has leased 3,497 sq ft of office space at Maker Maxity in Mumbai’s Bandra Kurla Complex (BKC) at a rent of ₹811 per sq ft. The lease agreement, valued at approximately ₹17 crore over five years, is among the highest-value commercial property transactions in India. This deal highlights BKC’s position as the most expensive commercial district in the country, according to documents accessed by Propstack.

The lease was registered on February 18, 2025, and the agreement takes effect from August 16, 2025. The property is located in Maker Maxity, Tower 1 North Avenue, and is owned by Neelammegha Investments and Trading Company Private Limited. The monthly rent amounts to ₹28.36 lakh, and the lease includes three car parking spots. A security deposit of ₹3.4 crore has been paid, and the rental agreement incorporates a 5% annual escalation clause.

This transaction is one of the highest rental deals in India, second only to Tesla’s recent lease in BKC. Tesla secured a 4,000 sq ft showroom in Maker Maxity at ₹881 per sq ft, with a five-year lease valued at ₹23.38 crore. The transaction included two car parking spaces. These deals demonstrate the growing demand for premium office and commercial spaces in BKC.

BKC has emerged as Mumbai’s central business district and is a preferred location for companies in the Banking and Financial Services Industry (BFSI). It houses several multinational corporations, including Apple, Netflix, Facebook, Amazon, Spotify, and Pfizer. The district is also home to financial institutions such as the National Stock Exchange, Standard Chartered Bank, and Blackstone.

In addition to corporate offices, BKC has government institutions, including the Reserve Bank of India, the GST and Income Tax departments, and the Family Court. The US Consulate’s presence in the area further enhances its status as a business and administrative hub.

The presence of co-working spaces such as WeWork and prominent technology firms like CISCO has also contributed to the increasing demand for office spaces in BKC. The district continues to attract financial, technology, and corporate firms looking for high-end office spaces.

BKC has seen a series of high-value commercial real estate transactions. In February 2025, Google India Private Limited and Google Cloud India Private Limited renewed their office leases in BKC, with agreements valued at ₹304 crore for five years. This highlights the continued demand for office space in the district.

Retail spaces in BKC have also witnessed significant activity. Zara recently closed its flagship store in South Mumbai, with a new tenant, Purple Style Labs, set to occupy the space at a daily rent of ₹10 lakh. These transactions indicate a strong demand for both office and retail spaces in Mumbai’s prime commercial locations.

The BNP Paribas lease highlights the growing demand for premium office spaces in Mumbai. The high rental rates reflect the limited availability of Grade A commercial properties in prime locations. Companies continue to seek office spaces in BKC due to its strategic location, infrastructure, and connectivity.

With increased leasing activity from multinational corporations and financial institutions, BKC continues to maintain its position as India’s costliest commercial district. The demand for office spaces is expected to rise further, particularly as global firms and technology companies expand their operations in Mumbai.

Image source- bnpparibas.com