Needs additional office space; RBI plans to buy additional office space in Mumbai

The Reserve Bank of India (RBI) is looking for additional office space in the financial capital near its head office in Mumbai. For this, it has also issued a Request of Proposals (RFP) for “outright of purchase of office premise” in Mumbai. According to the RBI, they want an office space with a property size of 2,601 to 7,681 square meters which can easily be available in Mumbai.

The central bank “intends to purchase vacant and peaceful possession of office space having clear and marketable title, for its use in South Mumbai and/or in Bandra Kurla Complex (BKC) area near to its existing establishments…,” the RFP document said.

As per the RFP, the RBI is looking for the office space with minimum 2,601 sq/mtr (28,000 sq/ft) and maximum 7,618 sq/mtr (82,00 sq/ft) carpet area in South Mumbai within a radius of 1.5km from its Central Office Building in Fort Mumbai and/or in BKC.

The document also added, the offers of property situated on leasehold land with residual lease period at least 30 years will also be considered by the RBI.

Karan Singh Sodi, Regional Managing Director, India, JLL in an interview with economic times said, “The rates for Grade A offices in ‘Old CBD’ area will be in the range of Rs 25,000-Rs 50,000 on the carpet. However, when we look at the New CBD (BKC), there are a few Grade A buildings that may meet this need. Typical Grade A pricing in the BKC micro-market ranges between Rs 45,000 to Rs 65,000 on the carpet,” he said.