NSDL Secures Naman Chambers in BKC for new HQ, with BFSI sector surging in 2023.
The National Securities Depository Limited (NSDL) has secured a 68,000-square-foot office space in Mumbai’s Bandra-Kurla Complex (BKC). The property, situated within Naman Chambers, was acquired from IDFC First Bank for approximately Rs. 198 crore.
The new office space is said to become NSDL’s headquarters, and the organisation plans to commence operations at this location by January-February 2024, following a four-month fit-out period.
NSDL, with its 27-year history, has earned a global reputation as one of the world’s largest depositories. The spokesperson for NSDL stated, “We are excited about this new phase in our journey. Naman Chambers provides an ideal space for our future endeavours and aligns with our commitment to innovation and operational excellence.”
IDFC First Bank highlighted that this decision to sell office space to NSDL is part of their strategy. The bank aims to centralise its operations, positioning them near its corporate office at IDFC FIRST Bank Tower (The Square), C-61, G Block, BKC, Mumbai. The transaction between NSDL and IDFC Bank has been successfully executed.
The BFSI sector (Banking, Financial Services, and Insurance) in India has experienced a resurgence in recent months, characterised by numerous ease agreements for office spaces by both global and domestic firms.
Bengaluru, known as the Silicon Valley of India, has also witnessed an uptick in BFSI occupancy over the past few years. Major players in the sector, including JP Morgan, HDFC, Axis, and Morgan Stanley, have been expanding their presence in India, contributing to this trend.
Data from the first half of 2023 reveals that BFSI occupiers have leased approximately 3.6 million square feet, representing a massive 14% year-on-year increase. This growth within the BFSI sector bodes well for the industry’s outlook in 2023.