Bandra Kurla Complex - Project Update thread

[IndiansUnite]

Jet Airways' commercial building was in the news 2 months ago. They signed a deal with Godrej to develop their C-68 plot.

Jet Airways and Godrej Properties struck a deal to jointly develop 2.5 acres in Bandra-Kurla

MUMBAI: Jet Airways and realty developer Godrej Properties have struck a deal to jointly develop 2.5 acres in Bandra-Kurla. Jet will get Rs 500 crore in cash in addition to 300,000 sq ft of built-up space which will be developed by Godrej.

Under the transaction, Godrej Properties will be treated as a sub-lessee, while all the applications for approvals from Mumbai Metropolitan Region Development Authority will be sought by Jet, the original lessee. Jet Airways had acquired the land parcel from MMRDA in a public auction for 399 crores in 2006.

Realty consultancy firm DTZ Property Advisors has acted as the advisor for the transaction.

Jet's decision to retain 300,000 sq ft of built up space in the proposed development originates from the MMRDA's leasing terms for the original contract between the development authority and Jet that bid for the plot as an end user.

Jet Airways' Press Release:

GPL will develop an approximately one million square feet of office building that will be completed in a three year period. GPL will take on the Rs. 360 crore debt obligation Jet Airways has on the property and will also pay Jet Airways 135 crores to compensate them for expenses that have already been incurred. Additionally GPL has agreed to sell 161,460 sq ft of Carpet area to Jet Airways at development cost. This space will be used as the state-of-the-art new headquarters for Jet Airways. Godrej Properties and Jet Airways will share the profits from the development in a 50:50 ratio.

GPL will develop the building to the highest design, construction, and sustainability standards. Skidmore, Owings, and Merrill (SOM), a leading architectural firm that has designed many outstanding developments across the world, including the world’s tallest building, the Burj Khalifa in Dubai, has been signed on as lead architect. The building is planned to be one of India’s leading commercial buildings.

Location (view on google maps):


Old Renders (posted back in 2008) from SOM's website:
13 floors-53 meters




The above design involved a development of 560,000 sq feet. The new development along with Godrej involves 1 million sq feet of space. The new renders are yet to be released.

Site prep is underway at the moment:

-from TOI in August

[IndiansUnite]

Sept 20: ICICI Bank to pull down its Bandra Kurla Complex headquarters

A rectangle-shaped silvery blue building, crafted from glass and granite, has defined Bandra Kurla Complex over the past three years. In a matter of weeks, it will be torn down.

Sprawling over 12,550 sq mt, the 11-storey ICICI Bank headquarters in Mumbai is going for redevelopment - the MMRDA offer of a floor space index (FSI) of four is just too tempting for the bank top brass - even if it means pulling down the complex's most glamorous structure.

The building, in G Block, was built over a five-year period, and accommodates more than 1,000 bank employees. The highlight of the building is the ninth floor, where two dozen wall-mounted flat screens greet visitors at the entrance. From the Bridge Room, as the floor is called, the bank monitors its operations across India, and in 18 international locations.

Bank sources said the new structure will be its grandest in the country. With an increased FSI (see box), the building will have at least four extra storeys, it can accommodate another 1,000 workers, and many more Bridge Rooms. The expansion doesn't come cheap; the bank will pay MMRDA Rs 93,300 per sq mt. The market price at Bandra Kurla Complex is around 1-lakh per sq mt.

MMRDA commissioner Rahul Asthana said as many as 31 buildings in Bandra Kurla Complex have decided to go for the extra FSI. He said, "One of the establishments wants to construct a totally new building. It will not be right to name the company, but I can confirm that we have received such a request."

Sources in MMRDA said 31 offices in G Block had requested MMRDA for extra FSI, which was revised to 4 from 2.5. A senior MMRDA official said, "Six companies have paid around Rs 123-crore to MMRDA for the extra built-up area."

While ICICI Bank officials, including its corporate communications in-charge Charudatta Deshpande refused to comment, Mumbai Mirror has a copy of the letter the bank sent to MMRDA.

Addressed to Town & Country Planning Division chief Sampath Kumar, the letter, signed by Anuj Agarwal, head, Global Infrastructure and Administration Group, ICICI Bank said: "(sic) We are evaluating the structural feasibility and architectural design for utilising additional built-up area on our existing Plot No C 15 in G block. We are in the process of evaluation such that we can maximise the FSI for this plot under the Global FSI scheme of MMRDA. We will submit the drawings and formal application once the structural and architectural design is finalised."

A bank source said, "It's going to be a mammoth task for the bank, shifting 1,000-odd workers. But once it is ready, it will be fitting a bank of ICICI's stature. It will easily be the grandest bank structure in the country.

This is their HQ:

[williemore]

that is where the drive in theater used to be...

Originally Posted by IndiansUnite

^This is the location (view on google maps):


-Site prep seems to be underway

A render on a realtor's website:


This might just be for representation purposes and not what's coming up. Surely MGM would like to check into a more iconic building than shown above.

[Cov Boy]

ICICI Bank to pull down its Bandra Kurla Complex headquarters

MADNESS!

I love this building :-( Sad to see it go no matter how good the new structure will be.

Wish they could find another plot?

[OldKool]

This is their HQ:
[/QUOTE]

I think this building is a landmark of modern India.

[rathibent]

such things happen when property prices of a very small area becomes very high compared to others...sheer wastage of resources

[Vicky007]

Thanks for the info IU.

Maker Maxity is Mumbai's new i-banking hub.

http://business-standard.com/india/n...ng-hub/452345/

Mumbai’s investment bankers are flashing a new address these days: Maker Maxity in the Bandra Kurla Complex (BKC). The high-end building has become an investment banking hub of sorts, with Macquarie becoming the seventh such entity to take space there.

Some of the others who have moved in are UBS, BNP Paribas, Nomura, Jefferies, Daiwa and Canada-based Bank of Nova Scottia.

Though it doesn’t have a tony south Mumbai address, the rents are higher at Rs 400-425 a sq ft per month. The other popular financial service hubs in the city such as Ceejay House in Worli, Express Towers and Maker Chambers at Nariman Point, cost much less. While Ceejay House costs Rs 300-325, Express Towers costs Rs 275-300 and Maker Chambers Rs 275-300 per sq ft per month.

Maker Maxity is a joint venture (JV) between Mukesh Ambani and the Maker Group. About 20 per cent stake in Maker Maxity was sold to private equity firm Xander in 2006.

While the first three towers belong to the Maker Group, Tower 4 and 5 are owned by Ambani. One of the towers, owned by him, was recently leased to RBS (70 per cent of the total space). The other tower, currently vacant and under his ownership, may be leased out soon, say sources.

So what is so special about Maker Maxity? Apart from proximity to the airports, and the suburbs where most employees live, Maxity offers the luxury of space in a city starved of it. The five buildings comprising Maxity have a total 1.2 million sq ft area. In comparison, Ceejay House has just 400,000 sq ft space.

What will increase the attraction of Maxity is the decision of MGM Hospitality to operate and manage Bellagio hotel, an MGM Grand hotel and a Skylofts hotel within the complex. Las Vegas-based Bellagio Hotels is known for its high-end luxury suites.

Brijesh Koshal, managing director (investment banking) at Daiwa Capital Markets India, says, “As an office anyone would look for a nice location, convenient for customers and staff. Earlier, companies did not have much choice”.

Amit Goenka, National Director - Capital Transactions, Knight Frank (India), says with the shifting of key banking and regulatory institutions like RBI, Sebi, National Stock Exchange, IL&FS, ICICI Bank, Bank of Baroda and many other public institutions to BKC, it is natural for other banking and financial services players to operate in the vicinity. High property taxes with increasing maintenance bills also forced companies to change their south Mumbai address.

[Suncity]

Originally Posted by IndiansUnite

Sept 20: ICICI Bank to pull down its Bandra Kurla Complex headquarters



This is their HQ:

That's a shame. It is an icon of modern India (my personal opinion).

[KuwarOnline]

Originally Posted by Suncity

That's a shame. It is an icon of modern India (my personal opinion).

+111111111

[mooktada]

Originally Posted by Suncity

That's a shame. It is an icon of modern India (my personal opinion).

just as well. it's a hideous looking building that tries to be something and ends up just looking really weird. The blue glass makes this building scream 1995!!.

I am sure ICICI will come up with an appropriate symbol of modern India which makes efficient use of the land. Hopefully they won't use the architect whose idea of cutting edge design consists of make a hole with a none existant tree in it.

[Suncity]

http://rajaaederi.net/projects/corpo...cici/icici.htm

[OldKool]

Originally Posted by mooktada

just as well. it's a hideous looking building that tries to be something and ends up just looking really weird. The blue glass makes this building scream 1995!!.

I am sure ICICI will come up with an appropriate symbol of modern India which makes efficient use of the land. Hopefully they won't use the architect whose idea of cutting edge design consists of make a hole with a none existant tree in it.

I DON'T THINK SO..Eiffel Tower was also termed as hideous..

[MeMumbaikar]

Originally Posted by mooktada

just as well. it's a hideous looking building that tries to be something and ends up just looking really weird. The blue glass makes this building scream 1995!!.

I am sure ICICI will come up with an appropriate symbol of modern India which makes efficient use of the land. Hopefully they won't use the architect whose idea of cutting edge design consists of make a hole with a none existant tree in it.

so true

its ugly.


lets see what ICICI can do.....

[Savz]

RIL, Wadhwa in talks to develop BKC plot

Nauzer K Bharucha TNN
Source:TOI TODAY

Mumbai: Developer Wadhwa Group is believed to be at an advanced stage of negotiations with Mukesh Ambani’s Reliance Industries Ltd (RIL) to jointly develop an 18-acre Bandra-Kurla Complex (BKC) plot reserved for a convention centre, said sources familiar with the talks.
In January 2006, RIL won the bid for the plot when it quoted Rs 1,104 crore to the Mumbai Metropolitan Region Development Authority (MMRDA). Almost six years later, the plot is still lying vacant. A Wadhwa Group official declined to comment. A Reliance spokesperson said the plot cannot be developed because of pending litigation.
The plot has a development potential of around 80 lakh sq ft. Sources said if the deal goes through, Wadhwa will build the convention centre as well as Reliance’s new headquarters, hotel and mall on part of the land and hand it over to the company. The developer will get to exploit the remaining portion for commercial development. ‘‘Depending on how much portion Reliance plans to retain for itself, Wadhwa will have to shell out a premium of anywhere between Rs 1,000 crore to Rs 3,000 crore to RIL,’’ said sources.
When RIL won the bid in January 2006, a company representative had said Mumbai would soon get a world class convention-cum-exhibition centre ‘‘between Dubai and Singapore’’.
But the project never took off after younger brother Anil, whose Reliance Communications & Infrastructure Ltd (RCIL), which was also a strong contender for the plot, moved the Bombay high court. RCIL’s bid was Rs 1,011.12 crore, Rs 93 crore less than Mukesh’s.
RCIL objected when MMRDA granted additional built-up area to RIL after completion of the bidding process. RCIL questioned how MMRDA could give this ‘‘largesse and bonanza’’ to RIL after the ‘‘tender was duly approved’’. Describing the decision as ‘‘totally irrational, arbitrary and capricious’’, RCIL said it would have quoted a higher amount if it knew that MMRDA would sanction additional construction rights.
The MMRDA gave RIL the additional area it had sought for the convention centre as well as additional area for the commercial complex. The MMRDA sanctioned RIL 41,000 sq m that was to be used for the convention centre and 31,500 sq m for the commercial complex.
In 2009, with the litigation going nowhere and the project stuck, RIL asked (MMRDA) to refund the Rs 696 crore it had paid as premium for the additional built-up area. According to the tender condition, the winning bidder had to construct the centre within four years.
Interestingly, in 2004, when bids were invited for this plot, reserved for an exhibition-cum-exhibition centre in the BKC, the highest offer was Rs 75 crore made by a pandal decorator. The bid was promptly rejected because not only was it too low, the company wanted to defer payment.
Once the deal is concluded, it will be the second joint venture between Wadhwa and Reliance in the BKC. Last year, Wadhwa paid over Rs 1,000 crore to RIL to develop a 2.5-acre plot (C-66) in this commercial business district. RIL had purchased this plot for Rs 918 crore through a bidding process in 2007.

[India101]

Originally Posted by MeMumbaikar

so true

its ugly.


lets see what ICICI can do.....

I think it looks alright, but without that sky bridge, it really is nothing special IMO

Though this is a waste of resources as said, considering it is a fairly new building.

[deekshith]

@ savz, here is the render of that project.
The proposed building is 87m tall and floor count is 2B+G+21 upper floors.
Link: http://envis.maharashtra.gov.in/envi...45MoM_SEAC.pdf (page 21)

[Indiadreams]

Originally Posted by MeMumbaikar

so true

its ugly.


lets see what ICICI can do.....

+1. It doesnt look good as it is in the pic. And certainly looks out of place in midst of other modern buildings.
People in this forum are only concerned about exteriors (and rightly so given the forum's nature). But ICICI would be concerned about its interiors too. For a corporate headquarters in a premier CBD, the interior is plain bland. Even lesser known companies flaunt a grand lobby, reception and office layout.

[IndiansUnite]

Originally Posted by deekshith

@ savz, here is the render of that project.
The proposed building is 87m tall and floor count is 2B+G+21 upper floors.
Link: http://envis.maharashtra.gov.in/envi...45MoM_SEAC.pdf (page 21)
http://img405.imageshack.us/img405/1166/c66c.jpg

The C-66 project is different from the convention center project (on C-64).

[dunefreezer]

Originally Posted by MeMumbaikar

so true

its ugly.


lets see what ICICI can do.....

+1 Finally there are people who share my opinion.

And India101 is right, without the bridge, it will be even more simplistic and underwhelming.

[Vicky007]

Originally Posted by IndiansUnite

The C-66 project is different from the convention center project (on C-64).

IU,any render for the convention center project?