MMRDA pays Rs. 757.9 Crore to NSE for New Plot in Mumbai's Bandra-Kurla Complex

In a statement released on April 6, the Mumbai Metropolitan Region Development Authority (MMRDA) announced that it has paid Rs. 757.9 crore to the National Stock Exchange of India (NSE) for a new 5,500 square meter property in the Bandra-Kurla Complex (BKC), a commercial center.

Under an allowable FSI of 4.00, the newly allocated land on plot number C-82 in the BKC "G" Block is 5,500 sq m in size and permits a built-up area of 22,000 sq m.

According to the administration, a new administrative building for the exchange will be built on the property, which will be leased for 80 years for a premium of Rs. 757.90 crore.

On October 11, 2024, NSE requested the new plot in order to increase the amount of space it could use for operations. There is room for more construction on the allotted plot over the current FSI limit. According to a July 19, 2024, Maharashtra government announcement, NSE may further expand the built-up area by paying MMRDA an extra premium.

In addition to adding commercial value to the already desirable BKC area—which has recently emerged as a hub for financial institutions, multinational corporations, and commercial developers—the new facility is anticipated to improve the efficiency of NSE's operations.

Chief Minister Devendra Fadnavis, Metropolitan Commissioner Sanjay Mukherjee, and Deputy Chief Minister and Urban Development Minister Eknath Shinde, who also serves as the MMRDA's head, gave their assent. MMRDA had earlier given NSE Plot No. C-1 in BKC's G Block for Exchange Plaza, the company's headquarters, in 1993.

This decision reflects Maharashtra’s commitment to fostering financial growth and infrastructure development. 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," Chief Minister Devendra Fadnavis said in a statement.