The Enforcement Directorate (ED) has secured a INR 362 crore plot in Mumbai's Bandra-Kurla Complex (BKC) to set up a dedicated office. The Mumbai Metropolitan Region Development Authority (MMRDA) will charge INR 3.4 lakh per sq m for the 10,500 sq m built-up area on the half-acre plot. Currently spread across three buildings in Ballard Estate and Worli, ED's offices face challenges in monitoring visitors due to shared spaces. The MMRDA approved the request for a dedicated office in May 2023, extending the payment deadline to April 2024. The agreement requires a 30% upfront payment by April 2024, with a leasing duration of 80 years.
The Enforcement Directorate (ED) has been allocated a plot worth INR 362 crore in the prestigious Bandra-Kurla Complex (BKC) to establish its office in Mumbai. The Mumbai Metropolitan Region Development Authority (MMRDA) has determined a rate of INR 3.4 lakh per square meter for the permissible built-up area of 10,500 square meters on the half-acre plot.
Presently, the ED's Mumbai branch operates from three separate buildings, two situated in Ballard Estate and one in Worli. The existing setup is shared with private offices and poses challenges in monitoring visitor activities. Recognizing the need for a dedicated space, the ED had submitted a request for its own office in April 2022, and the approval from MMRDA came on May 30, 2023.
As per the agreement, the ED was required to make a 30% upfront payment by September 30, 2023. However, the agency has been granted an extension for this payment, with the revised deadline set for April 2024. The plot is to be leased for a duration of 80 years, and its price was determined based on the rate from the latest property auction in BKC, amounting to INR 3.4 lakh per square meter of permissible built-up area. An official clarified that there is no provision for offering the property below market rates in the BKC area, justifying the charges based on the last auctioned property.
The move to establish a dedicated office in BKC holds strategic importance for the ED. With offices in Ballard Estate on rent and the Worli office located in a property confiscated from the estate of the late drug smuggler Iqbal Mirchi, having a dedicated office in BKC is expected to enhance confidentiality and secure ED's documents and attached assets.
Additionally, the dedicated office space in BKC is anticipated to streamline operations for ED officials, reducing travel time between Ballard Estate and Worli. As an added advantage, the establishment of a court complex in BKC will further facilitate ED officials frequently traveling between their office and the court, enhancing efficiency and workflow.
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