SEBI to purchase IDBI’s Building in BKC mumbai for Rs 1000 Core
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MUMBAI: The Securities and Exchange Board of India (Sebi) is set to buy IDBI BankBSE -5.54 %'s building in Bandra-Kurla Complex (BKC), Mumbai's financial hub, for close to Rs 1,000 crore.
The capital market regulator will acquire the state-owned bank's seven-storey building, which has 3.21 lakh square feet of super built-up area, close to its existing office, making this the second biggest transaction at BKC since 2013.
The board of Sebi last month gave an in-principle approval for this property acquisition, said a Sebi board member. The regulator is now in the process of getting the actual valuation done, the person said. Real estate consultants say the current market rate of BKC is between Rs 30,000 and Rs 35,000 per square foot.
Sebi requires space to accommodate all its staff. At present, the regulator has moved its market intermediaries regulation and supervision department to the Nariman Point of...
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