State Bank of India (SBI) Funds Management Ltd has purchased two commercial office units in Bandra Kurla Complex (BKC) for ₹103 crore, according to property registration documents accessed by Propstack
The two office units spread across a carpet area of 15,176 sq ft carpet were purchased at a per sq ft price of ₹67,870, according to the documents.
The two commercial office units with 12 car parking spaces were purchased from DKJ Shelters Private Limited in a building named Parinee Crescenzo in BKC, the documents showed.
The transaction was registered on September 6 for which a stamp duty of ₹6.18 crore and a registration fee of ₹30,000 were paid, according to the documents.
SBI Funds Management Ltd is a fund management company that deals in pension funds, mutual funds, ETFs and alternate investments.
A query sent to SBI Funds Management Ltd and DKJ Shelters Private Limited did not get any response.
Also Read: Highest rental deal in BKC? IMC India leases commercial office space in Mumbai for ₹700 per sq ft
BKC is the costliest commercial real estate market of India
BKC is also home to several government offices, including that of GST, Reserve Bank of India, Income Tax Department, Family Court, US Consulate among others. Several multinational firms also have their offices in BKC including Jio, Apple, Netflix, Google, Facebook, Amazon, National Stock Exchange, Standard Chartered Bank, WeWork, CISCO, Pfizer, Spotify, and Blackstone.
The ongoing per sq ft rate in BKC is between ₹500 to ₹550. A recent rental deal was closed for ₹700 per sq ft and the duration of the lease was only for five months. Short-term deals generally command a premium, local brokers said.
The per sq ft rate of commercial office units in BKC is around ₹1 lakh per sq ft, local brokers said.
Also Read: Office buildings in Mumbai’s Bandra Kurla Complex command higher prices than Manhattan
In perhaps one of the highest lease rentals ever paid for an office space in Bandra Kurla Complex for the short term, Agni Commex LLP has given on rent a commercial space of almost 5830 sq ft to IMC India Securities Pvt Ltd for ₹700 per sq ft per month in BKC in Mumbai, documents accessed by Propstack showed.
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 the Bandra Kurla Complex (BKC), India’s costliest commercial district, and Chandivali area of Mumbai for around ₹740 crore, according to documents accessed by Propstack.
Also Read: Rekha Jhunjhunwala’s Kinnteisto LLP invests heavily in commercial office spaces in Mumbai
This was perhaps one of the largest commercial real estate deals in India in 2023. In the case of BKC, Wadhwa Group Holdings Pvt Ltd had sold around 1.26 lakh sq ft of built-up area across four floors in the building named The Capital in BKC to Jhunhunwala’s firm. The size of the BKC deal keeping aside the Chandivali acquisition was around ₹601 crore with 124 parking slots, the documents shared by Propstack had revealed.
