Google to Pay ₹3.5 Cr/Month for Office Space in Mumbai: Report
As the world’s leading technology giant, Google is known for its innovative products and services, but it’s also known for its hefty investments in real estate. The company has recently renewed its office space leases in Mumbai’s Bandra-Kurla Complex (BKC) for five years, and the rent is nothing short of astronomical. According to a recent report by SquareYards, Google India will be paying a whopping ₹3.55 crore (approximately $480,000) every month for its office space in BKC.
This staggering rent is part of a five-year lease agreement between Google India and the landlord, which translates to a cumulative rent of ₹2.25 crore over the duration of the lease. To put this into perspective, that’s equivalent to the annual salary of over 1,000 average Indians.
But Google isn’t the only Google entity that’s making a big splash in Mumbai’s real estate market. Google Cloud India, a subsidiary of the company focused on cloud computing services, has also renewed its office space lease in BKC for five years. According to the report, Google Cloud India will be paying a monthly rent of ₹1.24 crore (approximately $165,000), which is significantly lower than Google India’s rent but still a substantial amount.
So, what’s behind Google’s willingness to pay such exorbitant rents for office space in Mumbai? There are several reasons that could be contributing to this decision. For one, Mumbai is a hub for India’s startup ecosystem and technology industry, making it an attractive location for companies looking to tap into the country’s growing talent pool.
Secondly, BKC is one of the most prestigious and sought-after office locations in Mumbai, with easy access to public transportation and a range of amenities. This makes it an ideal location for companies looking to attract top talent and establish a strong presence in the city.
Finally, Google’s decision to pay such high rents may also be driven by its desire to establish a strong presence in India and capitalize on the country’s rapidly growing digital economy. With its cloud computing services and other offerings, Google is well-positioned to capitalize on India’s growing demand for digital infrastructure and services.
The news of Google’s renewed office space leases in BKC comes at a time when the Indian real estate market is experiencing a surge in demand for office space. According to a recent report by Knight Frank, the Indian office market is expected to see a significant increase in demand for office space in the coming years, driven by the growth of the startup ecosystem and the increasing adoption of cloud computing services.
As the demand for office space continues to grow, we can expect to see even more companies like Google paying top dollar for prime locations in India’s major cities. Whether this trend will continue in the long term remains to be seen, but for now, it’s clear that Google is committed to establishing a strong presence in India and is willing to pay the price for it.
