SBI Funds Management Acquires Prime Office Spaces in Mumbai's BKC For Rs 103 Crore
Times Now | September 28, 2024 4:39 PM CST
New Delhi: SBI Funds Management, the asset management company of SBI Mutual Fund, has purchased two office properties in Mumbai’s Bandra-Kurla Complex (BKC) for Rs 103 crore. The offices are located on the 10th floor of the commercial tower Parinee Crescenzo, with a total carpet area of 15,176 sq ft. The deal values the property at Rs 67,870 per sq ft.
Ownership RightsAlong with the office spaces, SBI Funds Management will receive 1.92 per cent ownership rights in the common areas and facilities of the building. Additionally, the deal grants the company exclusive access to 12 car parking slots in the tower. Transaction DetailsThe transaction was registered on September 6, 2024, according to documents accessed through realty data analytics firm Propstack. The purchase was made from DKJ Shelters Private Limited. A stamp duty of Rs 6.18 crore and a registration fee of Rs 30,000 were paid for the deal. SBI Funds Management Product PortfolioSBI Funds Management manages various investment products, including pension funds, mutual funds, exchange-traded funds (ETFs), and alternative investments. Other Notable OfficesIn October 2023, Kinnteisto LLP, the firm owned by Rekha Jhunjhunwala, wife of the late Rakesh Jhunjhunwala, bought over 1.94 lakh sq ft of office space in Mumbai's Bandra Kurla Complex (BKC) and Chandivali areas for about Rs 740 crore, according to documents from Propstack.This was one of the biggest commercial real estate deals in India for 2023. In the BKC deal alone, Wadhwa Group Holdings Pvt Limited sold around 1.26 lakh sq ft of office space across four floors in a building called The Capital to Jhunjhunwala's firm. This BKC transaction was valued at around Rs 601 crore and included 124 parking spaces, as revealed by the Propstack documents. About BKCBKC is a prime business district in Mumbai, housing several important government offices such as the GST office, Reserve Bank of India, and Income Tax Department. It is also home to multinational companies like Jio, Apple, Netflix, Google, Facebook, Amazon, National Stock Exchange, Standard Chartered Bank, Pfizer, and many more.READ NEXT
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