SBI Funds Management Ltd Acquires Two Commercial Units in Mumbai's Bandra Kurla Complex for ₹103 Crore
Mumbai real estate: SBI Funds Management Ltd has purchased two office units in Bandra Kurla Complex (BKC) for ₹103 crore, with a carpet area of 15,176 sq ft.
Mumbai Real EstateCommercial Office UnitsBandra Kurla ComplexSbi Funds Management LtdDkj Shelters Private LimitedReal Estate NewsSep 27, 2024
According to property registration documents, the transaction was registered on September 6, with a stamp duty of ₹6.18 crore and a registration fee of ₹30,000 paid. The per sq ft price of the units was ₹67,870.
SBI Funds Management Ltd is a fund management company that deals in pension funds, mutual funds, ETFs, and alternate investments. The company did not respond to queries regarding the acquisition.
The Bandra Kurla Complex is known for being the costliest commercial real estate market in India, with several government offices, including those of GST, Reserve Bank of India, Income Tax Department, Family Court, and US Consulate, among others. Multinational firms such as Jio, Apple, Netflix, Google, Facebook, Amazon, National Stock Exchange, Standard Chartered Bank, WeWork, CISCO, Pfizer, Spotify, and Blackstone also have their offices in BKC.
The ongoing per sq ft rate in BKC is between ₹500 to ₹550, with a recent rental deal closed for ₹700 per sq ft for a duration of only five months. Local brokers stated that short-term deals generally command a premium.
The per sq ft rate of commercial office units in BKC is around ₹1 lakh per sq ft, according to local brokers.
In a separate deal, Agni Commex LLP had given on rent a commercial space of almost 5830 sq ft to IMC India Securities Pvt Ltd for ₹700 per sq ft per month in BKC.
In October 2023, Kinnteisto LLP, the firm run by Rekha Jhunjhunwala, wife of late Rakesh Jhunhunwala, had purchased over 1.94 lakh sq ft of commercial office space in the Bandra Kurla Complex (BKC) and Chandivali area of Mumbai for around ₹740 crore.
Information SBI Funds Management Ltd is a fund management company that deals in pension funds, mutual funds, ETFs, and alternate investments. DKJ Shelters Private Limited is a real estate development company.
SBI Funds Management Ltd is a subsidiary of State Bank of India, one of the largest banks in India. DKJ Shelters Private Limited is a private real estate development company.
Keywords SBI Funds Management Ltd, Bandra Kurla Complex, Mumbai real estate, commercial office units, DKJ Shelters Private Limited
Frequently Asked Questions
What is the location of the commercial office units acquired by SBI Funds Management Ltd?
The commercial office units are located in the Bandra Kurla Complex (BKC) in Mumbai.
What is the carpet area of the commercial office units acquired by SBI Funds Management Ltd?
The carpet area of the commercial office units is 15,176 sq ft.
What is the per sq ft price of the commercial office units acquired by SBI Funds Management Ltd?
The per sq ft price of the commercial office units is ₹67,870.
What is the ongoing per sq ft rate in BKC?
The ongoing per sq ft rate in BKC is between ₹500 to ₹550.
What is the per sq ft rate of commercial office units in BKC?
The per sq ft rate of commercial office units in BKC is around ₹1 lakh per sq ft.
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