SBI Funds Management Ltd's Big Bet on Mumbai's Bandra Kurla Complex
Mumbai real estate: SBI Funds Management Ltd buys two commercial units in Bandra Kurla Complex for ₹103 crore
Mumbai Real EstateBandra Kurla ComplexSbi Funds Management LtdCommercial PropertyInvestmentReal EstateSep 27, 2024
The transaction was registered on September 6, with a stamp duty of ₹6.18 crore and a registration fee of ₹30,000 paid. The units were purchased from DKJ Shelters Private Limited in a building named Parinee Crescenzo in BKC.
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 purchase.
Bandra Kurla Complex is one of the most expensive commercial real estate markets in India, with several government offices, multinational firms, and financial institutions having their offices there. The ongoing per sq ft rate in BKC is between ₹500 to ₹550, with some recent deals commanding a premium.
In a recent rental deal, IMC India Securities Pvt Ltd leased a commercial space of almost 5830 sq ft for ₹700 per sq ft per month in BKC. This is perhaps one of the highest lease rentals ever paid for an office space in BKC for a short term.
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 BKC and Chandivali area of Mumbai for around ₹740 crore.
State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. SBI Funds Management Ltd is a subsidiary of SBI that deals in fund management.
DKJ Shelters Private Limited is a real estate development company that has developed several projects in Mumbai.
Frequently Asked Questions
What is the value of the deal between SBI Funds Management Ltd and DKJ Shelters Private Limited?
The deal is worth ₹103 crore.
What is the per sq ft price of the commercial units purchased by SBI Funds Management Ltd?
The per sq ft price is ₹67,870.
What is the carpet area of the two office units purchased by SBI Funds Management Ltd?
The carpet area is 15,176 sq ft.
What is the name of the building where the commercial units are located?
The building is named Parinee Crescenzo in BKC.
What is the ongoing per sq ft rate in BKC?
The ongoing per sq ft rate in BKC is between ₹500 to ₹550.
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