Mumbai Metropolitan Region Development Authority (MMRDA) has granted post facto approval the allocation of a 5,500 square meter plot in BKC to the National Stock Exchange (NSE) for a sum of Rs 757.9 crore. Designated as plot C-82 in G-block, this site has an allowable built-up area of 22,000 square meters and will be leased for a duration of 80 years for commercial purposes.
This decision was made during MMRDA’s 159th authority meeting on March 28, in accordance with clause 16 of the MMRDA’s Land Disposal Regulations, 1977. The NSE, which is headquartered in the same BKC block, submitted a request for an additional plot on October 11, 2024, indicating a requirement for approximately 400,000 to 500,000 square feet of built-up space for its expansion. The land for its headquarters was originally allocated 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 proposal for this allotment received approval from Deputy Chief Minister and Urban Development Minister Eknath Shinde, who also serves as the chair of MMRDA. Following this approval, MMRDA issued an offer letter to NSE on March 7. Chief Minister Devendra Fadnavis remarked, “By allowing NSE to expand its presence in the Bandra-Kurla Complex, we are solidifying Mumbai’s status as India’s financial capital and fostering a favorable business environment for essential institutions.” Shinde added that this initiative will enhance commercial growth, “facilitate NSE’s expansion, and contribute to the economic development of Mumbai.” MMRDA Commissioner Sanjay Mukherjee stated, “This allotment will aid [NSE’s] growth and reinforce BKC as a premier business district.”
