SBI Funds Management Snaps Up Prime Office Spaces in Mumbai's BKC for ₹103 Crore
SBI Funds Management acquires two office properties in Mumbai's Bandra-Kurla Complex for ₹103 crore, marking a significant deal in the commercial real estate sector.
Sbi Funds ManagementBkcOffice SpacesCommercial Real EstateMumbaiReal Estate NewsSep 28, 2024
Along with the office spaces, SBI Funds Management will receive 1.92 per cent ownership rights in the common areas and facilities of the building. Additionally, the deal grants the company exclusive access to 12 car parking slots in the tower.
The transaction was registered on September 6, 2024, according to documents accessed through realty data analytics firm Propstack. The purchase was made from DKJ Shelters Private Limited. A stamp duty of ₹6.18 crore and a registration fee of ₹30,000 were paid for the deal.
SBI Funds Management manages various investment products, including pension funds, mutual funds, exchange-traded funds (ETFs), and alternative investments. This acquisition is a significant addition to their portfolio.
In a similar deal, Kinnteisto LLP, the firm owned by Rekha Jhunjhunwala, wife of the late Rakesh Jhunjhunwala, bought over 1.94 lakh sq ft of office space in Mumbai's Bandra Kurla Complex (BKC) and Chandivali areas for about ₹740 crore, according to documents from Propstack. This was one of the biggest commercial real estate deals in India for 2023.
BKC is a prime business district in Mumbai, housing several important government offices such as the GST office, Reserve Bank of India, and Income Tax Department. It is also home to multinational companies like Jio, Apple, Netflix, Google, Facebook, Amazon, National Stock Exchange, Standard Chartered Bank, Pfizer, and many more.
SBI Funds Management is the asset management company of SBI Mutual Fund, one of the largest mutual fund houses in India. Propstack is a realty data analytics firm that provides insights into the Indian real estate market.
Frequently Asked Questions
What is the total carpet area of the office spaces acquired by SBI Funds Management?
The total carpet area of the office spaces is 15,176 sq ft.
What is the value of the property per sq ft?
The property is valued at ₹67,870 per sq ft.
What are the ownership rights granted to SBI Funds Management in the common areas and facilities of the building?
SBI Funds Management will receive 1.92 per cent ownership rights in the common areas and facilities of the building.
Who is the seller of the office spaces?
The office spaces were purchased from DKJ Shelters Private Limited.
What is the significance of BKC in Mumbai?
BKC is a prime business district in Mumbai, housing several important government offices and multinational companies.
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