The 4.2 lakh square foot property has a 60-month lease, is situated in Bagmane Goldstone, and is a component of the Bagmane World Technology Centre. Beginning on Jun 4, 2024, Samsung made a deposit payment of Rs 40.4 crore to complete the lease. 

The largest software research and development center of Samsung outside of South Korea, Samsung R&D Institute India-Bangalore Pvt Ltd, has extended its lease for five years at a rent of Rs 4.3 crore per month at Bagmane’s IT/ITeS Special Economic Zone (SEZ), which is situated in the Outer Ring Road IT corridor. Propstack, a data and consulting firm, obtained the documents. 

The 4.2 lakh square foot property has a 60-month lease and is situated in the Bagmane World Technology Centre’s Bagmane Goldstone building. According to the document, the lease began on June 4, 2024, and the monthly rent will increase by 5% annually. 

For the transaction, Samsung paid a deposit of Rs 40.4 crore, and the annual rent is approximately Rs 51.6 crore. The monthly lease payment made by the company for the Bengaluru property is approximately Rs 102 per square foot. SBG Software Private Limited is the property’s owner, and the company is leasing the space over 11 floors. 

The document indicated that the leased property has 10 exclusive elevators and 562 parking spaces in the building.

Samsung did not respond to inquiries sent to it. 

Samsung R&D Institute is the name of the conglomerate’s largest research and development facility located outside of its home country of South Korea (Samsung R&D Institute (SRI-B) is the name of the conglomerate’s facility that operates outside of its home country of South Korea. 

The documents indicate that the company leased the space in February 2019. The Bagmane WTC Park has a built-up area of 6 million square feet on 52  acres of land.