The company will be paying an annual rental of Rs 1.67 crore for this office space. The lease agreement includes an escalation clause to revise the rental 5% upward every year, showed the documents accessed by ET.
The rentals include car parking charges, common area maintenance charges and property tax. Byju’s will get access to a total six car parking spaces in the office building as part of this lease agreement.
ET’s email query to Byju’s remained unanswered until the time of going to press.
Property consultant JLL India facilitated the transaction.
The deal involves a lock-in period of first 33 months. The company has paid a security deposit of Rs 79.80 lakhs. The lease was registered last week on October 13.
Earlier this year, Byju’s leased 4 lakh sq ft office space in Bangalore from Prestige Group in its project on Outer Ring Road.