MUMBAI: Mumbai Metropolitan Region Development Authority (MMRDA) has granted post facto approval for allotment of a 5,500sqm plot in BKC to National Stock Exchange (NSE) for Rs 757.9 crore.
The plot, C-82 in G-block, has permissible built-up space of 22,000sqm and will be leased for 80 years for commercial use.
The decision was taken on March 28 at MMRDA’s 159th authority meeting under clause 16 of MMRDA’s Land Disposal Regulations, 1977.
NSE, which has its headquarters in the same BKC block, had requested an additional plot on Oct 11, 2024, citing the need for around 4-5 lakh sqft of built-up space for expansion. The land for the HQ was allotted in 1993.
As per a July 19, 2024, notification by the state govt, NSE can get an additional built-up space beyond the 4 FSI (floor space index) limit by paying the applicable premium to MMRDA.
The allotment proposal was approved by the deputy chief minister and urban development minister Eknath Shinde, who also chairs MMRDA. Following the nod, MMRDA issued an offer letter to NSE on March 7.
CM Devendra Fadnavis said, “By enabling NSE to expand its footprint in Bandra-Kurla Complex, we are reinforcing Mumbai’s position as the financial capital of India and ensuring a conducive business environment for key institutions.” Shinde said the move will boost commercial growth, “support NSE’s expansion, and contribute to Mumbai’s economic development”. MMRDA commissioner Sanjay Mukherjee said, “The allotment will support [NSE’s] expansion and strengthen BKC as a top business district.”
