National Securities Depository Limited (NSDL) has acquired a 68,000 sqft office space from IDFC First Bank in Mumbai‘s Bandra-Kurla Complex (BKC) for approximately Rs 198 crore.
“This property, located in Naman Chambers, will serve as NSDL’s new headquarter, with a move-in date expected by January-February 2024 after a 4-month fit-out period,” people aware of the deal said.
The decision is “part of the consolidation of the bank’s operations near its corporate office at IDFC FIRST Bank Tower (The Square), C-61, G Block, BKC, Mumbai,” the lender stated in its regulatory filing.
NSDL confirmed the agreement to purchase the office premises, and the contracts have been executed between NSDL and IDFC BANK. Colliers, the transaction advisor, declined to comment or share any details.
Over its 27-year history, NSDL has evolved into one of the world’s largest depositories, utilizing technology and infrastructure to enhance trading efficiency, reduce risk, and cut costs. “This move to Naman Chambers aligns with NSDL’s growth strategy, focusing on enhancing operational infrastructure,” mentioned one of the source quoted above.
The BFSI sector has experienced a strong resurgence, marked by major global and domestic firms securing substantial office space leases over the last six months. Bengaluru has also witnessed a notable increase in BFSI occupancy over the past 4-5 years.
This surge in demand for office space can be attributed to the expansion efforts of domestic and select global banks and financial institutions, including JP Morgan, HDFC, Axis, and Morgan Stanley. These institutions bolstered their presence in the country as more employees returned to office environments.
In the first half of 2023, BFSI occupiers have leased approximately 3.6 million square feet, marking a 14% annual increase. This data points towards a positive and robust outlook for the BFSI sector 2023.
Published On Oct 11, 2023 at 09:11 AM IST
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