Netflix leases 8,860 sq ft office space from WeWork in Mumbai – ET RealEstate

BENGALURU | MUMBAI: Online video streaming platform Netflix has signed a flexible workspace deal for an entire floor at WeWork’s Nesco coworking centre in Goregaon, Mumbai.

The transaction for 8,860 square feet, for about 320 seats, was signed on June 30, people aware of the deal said.

It will be used to execute visual effects work – which is seeing increased demand in the country — along with another company, Anibrain.

“The deal tenure is two plus one year with a lock-in period of 18 months. The employees operating out of Nesco complex will exclusively be aligned for Netflix work,” the people said, without disclosing its financial terms.

The WeWork Nesco IT Park in Mumbai spans eight floors with total seating capacity of 3,400 spread across 228,000 sq. ft.

This is the third large deal for WeWork this year.

Earlier this year, the flexible spaces operator signed a large deal with Commonwealth Bank of Australia and China’s ByteDance, across Bangalore and Mumbai.

Netflix and WeWork refused to comment.

Anibrain also has offices in Pune and the Andheri suburb in Mumbai, with around 700 employees catering to global clients and has worked on global projects like The Secret Garden, The Aeronauts and The Witcher.

“India is a very important centre of production globally. Most content creation happens out of countries like the United States, Japan and India,” said a second person aware of the deal.

India has emerged as a crucial content hub for Netflix, which has announced around 50 original series and films in the country.

Netflix took around 1,37,000 sq ft in Godrej Bandra-Kurla Complex in January last year to expand its presence.

“Once the lockdown is lifted, it may take another two months for the Godrej property to go live. Netflix will also move from the existing co-working properties,” another person who is aware of the deal said.

Netflix already has a flexible workspace with around 100 seats at The Executive Center at Maker Maxity in the BKC and a 9,000 sq ft separate office in the same complex.

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Mumbai: Unoccupied for 27 years, Tardeo tower to be razed – ET RealEstate

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MUMBAi: An 11-storey Tardeo building that has been “95% complete” for 27 years will be demolished ultimately. The structure has been at the centre of a court battle between the builder, who wanted to demolish it on the grounds that its condition had deteriorated, and flat buyers who were opposing it.

Seven months ago, the Bombay HC had referred the building, Pushpakunj, to a civic technical advisory committee to take a call on the structural stability after perusing two opposing reports last year.

The BMC panel has said the building needs to be “vacated and demolished immediately”. It found the structure had “deteriorated and was dilapidated” and said “it may collapse, endangering life and property”.

It falls in the C-1 category of dangerous buildings “beyond logical repair and unsafe for habitation”, the panel added.

Although 95% complete, the building was never occupied as the 5% unfinished work had left it without an occupancy certificate.

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Kochi: Owners willing to rent out flats for quarantine purposes – ET RealEstate

KOCHI: At a time when apartment owners’ associations come up with stiff resistance over quarantining people in apartment complexes, a section of flat owners have come forward offering their flats on rental basis for quarantine purposes. It is mainly flat owners who live abroad are taking the bold step of giving their flat to someone who needs assistance.

Harry V S, a resident of an apartment complex at Petta said: “My son who is in Delhi is returning to Kochi next day and he has to go under home quarantine. There are vacant apartments on the same floor of our complex. When we contacted the owner, she agreed to rent out her flat for one month.” The one-month rent comes to Rs 18,000 and Harry has to pay two-month rent as advance.

The owner stipulated that the tenant should pay electricity and other expenses and “also disinfect the entire flat in case my son tests Covid positive”, which Harry considers a fair deal. Neither the apartment owners’ association nor the other people living on the same floor of the building raised an objection to it.

Many flat owners especially those returning from abroad and other states view the situation as a humanitarian crisis. They have seen tragedies unfolding before their eyes in foreign lands, and they understand the yearning to get back home in a better way. Quarantining family members or friends in another flat will be of help to those who take care of them. They can move around in the building and go out and it will in no way cause harm to others.

“I am more than willing to accommodate friends or even provide the flat on rent for those in need. However, some members of the apartment owners’ association are reluctant to allow even flat owners to go under quarantine in the building. I think it’s elitism or display of privilege,” said Aravind Retnakar, owner of an apartment at Jawahar Nagar.

It is mainly senior citizens and their family members or families having small kids who are too anxious and worried about people being quarantined in the apartment complexes. However, it should be noted that they are the same people who generally raise objection against reverse quarantine.

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Union Bank of India reduces MCLR by 20 bps across tenors – ET RealEstate

MUMBAI: State-run Union Bank of India on Friday announced reduction in its marginal cost of funds-based lending rate (MCLR) by 20 basis points across tenors. The new rates are applicable from July 11.

The revised one-year MCLR stands at 7.40 per cent against 7.60 per cent earlier, the bank said in a release.

Three-month and six-month MCLRs have been cut to 7.10 per cent and 7.25 per cent, respectively.

This is the thirteenth consecutive rate cut by the lender since July last year.

The country’s largest lender State Bank of India has also reduced its MCLR by 5-10 basis points (bps) for shorter tenors, effective Friday.

Another state-run Indian Overseas Bank (IOB) has cut its MCLR by up to 25 bps across tenors.

Earlier this week, Canara Bank and Bank of Maharashtra (BoM) also reduced their MCLRs by 10 bps and 20 bps, respectively across all tenors.

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