NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News  » Business » UTI to shift to Bandra-Kurla complex

UTI to shift to Bandra-Kurla complex

April 01, 2003 14:21 IST

The Unit Trust of India is shifting its main office building from New Marine Lines in south Mumbai to the Bandra-Kurla complex in the western suburbs.

The new building, which was developed five years back, would accommodate around 620 employees, including the chairman and managing director.

Sources said the Marine Lines building is being put on the block. However, K Madhav Kumar, president, business development, at UTI, pointed out that any decision to sell the building would be taken by the government.

"As of now there is no such decision," he said.

Two neighbours of the mutual fund at Marine Lines, including a hospital, may be in the hunt for the property admeasuring over 20,000 sq ft of floor space, senior UTI officials said.

The building has been serving as the registered office and headquarters of the Trust for the last 23 years.

"The idea behind the shifting is to accommodate all employees at one place, rather than having them scattered over two or three buildings," Madhav Kumar said. He added that the move is in line with the Maharashtra government's policy to shift offices from south Mumbai to the Bandra-Kurla complex.

Meanwhile, real estate deals at the Bandra-Kurla complex are showing signs of pick up after an initial slump.

Many institutions such as Vysya Bank, Dena Bank, State Bank of India and Bank of India have purchased property here.

The National Stock Exchange has also shifted its headquarters to the complex, while the Securities and Exchange Board of India is in the process of moving in.

Corporate giant Reliance has also purchased a one-lakh sq ft property in Fortune 2000, a nine-storeyed building in the area.

Developed by the Mumbai Metropolitan Region Development Authority in the mid-eighties, this 370 hectare self-contained commercial complex is the largest urban planning exercise by Maharashtra in recent times.

Rakesh P Sharma in Mumbai