Deputy Chief Minister Eknath Shinde, who is also the Urban Development Minister and Chairman of MMRDA, has approved the MMRDA Commissioner’s proposal for the allotment of Plot No C-82, subject to post facto approval from the Authority
The new NSE headquarters will come up on Plot C-82 at BKC in Mumbai. PIC/X
In a move that is said to strengthen the city's commercial infrastructure, the Mumbai Metropolitan Region Development Authority (MMRDA) has allotted Plot No C-82 in G-Block, Bandra-Kurla Complex (BKC), to the National Stock Exchange of India (NSE) for the development of a new administrative building as its headquarters.
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In 2002, the NSE headquarters was shifted to BKC from Mahindra Towers in Worli. The new headquarters of the stock exchange, which will be constructed in BKC, will be situated around 1,500-2,000 metres away from the existing office.
According to MMRDA, the approval for the allotment of the plot to NSE aligns with the provisions outlined in Regulation No 16 of its Land Disposal Regulations, 1977.
This resolution was approved during the recently concluded 159th Meeting of MMRDA.
In response to NSE’s request, dated October 11, 2024, for an additional plot with a built-up area potential of approximately 4 to 5 lakh square feet, MMRDA considered the significance of the financial institution while allotting the space. In 1993, MMRDA had allotted Plot No C-1 in the ‘G’ Block for NSE’s headquarters at Exchange Plaza in BKC by relaxing certain provisions of MMRDA's Land Disposal Regulations, 1977. The plot spanned across 16,038.3 square metres with a built-up area of 31,044.05 square metres.
The plot allotted for the new building has the potential to accommodate additional built-up area beyond the 4.00 floor space index (FSI) limit. As per the Government of Maharashtra’s notification dated July 19, 2024, NSE may avail an additional built-up area by paying the requisite premium to MMRDA.
Deputy Chief Minister Eknath Shinde, who is also the Urban Development Minister and Chairman of MMRDA, has approved the MMRDA Commissioner’s proposal for the allotment of Plot No C-82, subject to post facto approval from the Authority. Following this approval, MMRDA issued an official offer letter to NSE on March 7. Subsequently, the allocation of this additional space will enhance NSE’s operational efficiency and contribute to the commercial development of BKC.
Speaking on the development, Chief Minister Devendra Fadnavis said, "This decision reflects Maharashtra’s commitment to fostering financial growth and infrastructure development. By enabling NSE to expand its footprint in Bandra-Kurla Complex, we are reinforcing Mumbai’s position as the financial capital of India and ensuring a conducive business environment for key institutions."
Shinde said that the allotment of Plot C-82 to NSE is part of MMRDA’s efforts to strengthen BKC as a key financial hub. "This step will boost commercial growth, support NSE’s expansion, and contribute to Mumbai’s economic development," he stated.
MMRDA Commissioner, Dr Sanjay Mukherjee, said that the Authority is focused on developing Mumbai’s commercial infrastructure. "The allotment of Plot C-82 to NSE will support the exchange’s expansion and strengthen BKC as a top business district," he added.
According to news reports, the existing NSE headquarters at BKC will be converted into its data center. The plot where the new headquarters will come up is close to the existing office. It has been reported that at present, apart from its headquarters, NSE also operates from another office that has been leased out at Adani Inspire Tower in BKC as well as from a commercial complex in Ghatkopar.
Once the new headquarter is constructed, all the offices of NSE will come under one roof.
The stock exchange also has branch offices at Ahmedabad, Chennai, Delhi, Hyderabad and Kolkata.
According to its website, "NSE was incorporated in 1992. It was recognised as a stock exchange by SEBI in April 1993 and commenced operations in 1994 with the launch of the wholesale debt market, followed shortly after by the launch of the cash market segment."
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