Reliance Nippon Life Insurance has chosen to renew a lease for office space in Inspire BKC, a commercial real estate project located on the periphery of the Bandra-Kurla Complex (BKC), Mumbai's bustling business district housing numerous multinationals and Indian corporate houses.

It was disclosed that the company entered into an agreement with the landlord Adani Realty, securing 48,924 sq ft of office space for a total tenure of five years. The terms of the lease include a lock-in period for the tenant throughout the entire duration.

The renewal of the lease by Reliance Nippon Life Insurance comes with a monthly rental rate of Rs 219 per sq ft, while the current rental rates in the vicinity range between Rs 220 to Rs 230 per sq ft.

The resilient state of India's commercial real estate sector amid global headwinds is attributed to its qualified talent pool and cost advantage, as per industry observers.