RBI seeks additional office space near head office in south Mumbai

09 Aug 2021 CW Team

The Reserve Bank of India (RBI) is planning to buy additional office space with a size of 2,601 to 7,681 sq meter in the financial capital near its head office in south Mumbai, or the Bandra Kurla Complex (BKC) area.

According to the central bank, it wants office space with an area of 2,601 to 7,681 sq meter, and it has issued a Request for Proposals (RFP) for outright purchase of office premises in Mumbai.

As per the RFP document, the RBI plans to buy vacant and peaceful possession of office space having a clear and marketable title for its use in south Mumbai or the BKC area near its existing establishments.

As per the RFP, the central bank is looking for office premises with a minimum of 2,601 sq per meter and a maximum 7,618 sq per meter carpet area situated in south Mumbai within a 1.5 km radius from its central office building in Fort, Mumbai, or in BKC.

According to the document, offers of property located on leasehold land with at least a 30 year residual lease period will also be considered by the RBI.

Anarock property consultants chairman Anuj Puri said that the total leasable space at BKC is around 8.7 million sq per ft area out of which 8-10% is lying vacant.

He further added that in the Central Business District (CBD) area, about 2.1 million sq per ft area is the total leasable space, out of which 10-12% is lying vacant.

Regional Managing Director, India, JLL, Karan Singh Sodi, said the grade A office rates in the old CBD area will range between Rs 25,000 to Rs 50,000 on the carpet, and in the new CBD in BKC, there are a few grade A buildings that may meet this need.

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Also read: With 11-12% vacancy, commercial office builders bank on future promise

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