SEBI buys IDBI Bank’s Mumbai property
Img : etimg

Market regulator SEBI has stuck a landmark deal with IDBI in which they have bought IDBI’s Bandra Kurla complex office located in Mumbai’s prime business hub. According to sources, the deal, valued at around ₹1,000 crore is one of the largest commercial realty deals in the recent times. The deal 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.

As per stats, the SEBI-IDBI deal is being billed as India’s second-largest end-user office-space transaction. The first one goes to Abbott India, when it acquired 4.35 lakh sq ft office spaces at BKC worth Rs 1, 480 crores in September 2015.

Presently, IDBI is located in block ‘G’ area of Bandra Kurla Complex in an area of 3.41 lakh sq ft. The block ‘G’ is exclusively reserved for banking and financial services companies. This block also houses the National Stock Exchange. SEBI also has its office in the same block. With this deal, SEBI will become one of the largest office owners at BKC. It is also said that in future, they will also scale up their employee strength.

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. Recently, SEBI has also been directed to transfer Rs. 1, 672 crore in surplus funds to the Government.