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The economic downturn has affected many businesses the world over. We are surrounded by news of how the stock markets are fluctuating, how governments worldwide are devising means to save the economy and industries, how businesses are being hit, etc.
India has also been impacted by the world wide downturn, but the impact is not as severe compared to other world economies. This can be attributed to India’s domestic market that has acted as a buffer of sorts to the downturn.
The National Stock Exchange (NSE), India’s largest stock exchange in terms of daily turnover and number of trades, has its headquarters in the Bandra-Kurla Complex from where it performs trading functions for all types of securities*.
Economic downturn notwithstanding, the NSE and its affiliates have now acquired 56,000 sq feet of office space at the 36-acre Kohinoor City project in Kurla not far from its headquarters. The price they paid for this buy: around Rs 80 crore.
The office space has been acquired in one of the four commercial towers coming up in Kohinoor City at Rs 15,000 per sq feet. While NSE has already acquired 28,000 sq ft space for Rs 40 crore, its group companies would purchase the rest shortly.
An immediate result will be in the form of rentals taking a positive impact. This presents a good opportunity for rentals to be achieved from flats in the Kohinoor City. With the NSE coming in, other business houses will also be keen to set up shop in Kohinoor City and thereby the area would emerge as a business hub, ultimately bringing in value to Kohinoor City and to investors, both current and future.
Meaning of securities: In the context of financial markets, written undertakings securing repayment of money. They are typically negotiable instruments such as bonds, bills of exchange, promissory notes or share certificates which establish ownership and payment rights between parties.
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