Market regulator SEBI has finalized a milestone deal to buy IDBI Bank’s office located in Bandra-Kurla Complex (BKC), Mumbai’s prime business hub. According to sources, the deal is reported to be worth a whopping Rs. 1,000 crore and was recently approved by the board of the Securities and Exchange Board of India (SEBI). The going rate for the current deal comes to around ₹30,000 per sq ft.
The SEBI-IDBI deal is being perceived as India’s second-largest end-user office-space transaction. However, the first one belongs to Abbott India, when it purchased 4.35 lakh sq ft office spaces at BKC worth Rs. 1, 480 crores in September 2015.
Currently, IDBI is located in block ‘G’ area of BKC in a sprawling area of 3.41 lakh sq ft. This block is exclusively reserved for banking and financial services companies which also houses the National Stock Exchange. SEBI also has its office in the same block. After this deal, SEBI will become one of the largest owners of office at BKC and it is also said that in future, they will also scale up their employee strength.
Over the years, SEBI has purchased many office-spaces in most of the metro cities to expand its working areas. They have also built over 125 apartments and guest houses for its staff.