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Mumbai: Bereft of space to accommodate growing numbers of stock brokers and officials, the Bombay Stock Exchange (BSE) has decided to convert five service floors in its two iconic Fort buildings, Phiroze Jeejeebhoy Tower and Rotunda building, into office spaces. The buildings are located in the Coastal Regulation Zone (CRZ) where construction activities are restricted and the Maharashtra Coastal Zone Management Authority (MCZMA) has approved the change in use of space in the two buildings in lieu of a fee, sources told Hindustan Times.
Mumbai: Bereft of space to accommodate growing numbers of stock brokers and officials, the Bombay Stock Exchange (BSE) has decided to convert five service floors in its two iconic Fort buildings, Phiroze Jeejeebhoy Tower and Rotunda building, into office spaces. The buildings are located in the Coastal Regulation Zone (CRZ) where construction activities are restricted and the Maharashtra Coastal Zone Management Authority (MCZMA) has approved the change in use of space in the two buildings in lieu of a fee, sources told Hindustan Times.
“Responding to our proposal submitted earlier this year, the MCZMA has allowed us to use five service floors for offices as we need additional space for our activities,” a highly placed source in BSE told HT.
The proposal does not involve any fresh construction, barring altering an area of 168.80 square metres within the existing floor plan of the buildings, the source added.
BSE history
The Bombay Stock Exchange (BSE) – the oldest stock exchange in Asia – started its journey as the ‘Native Share & Stock Brokers Association' in 1875. The 30-storey Phiroze Jeejeebhoy Tower and the adjacent seven-storey Rotunda building – where the exchange is currently housed – were granted completion and occupation certificates between 1979 and 1992. The buildings were affected during the serial bombings in Mumbai In March 1993, when one of the bombs went off in the basement that connects them.
The third, 13th, 26th and 28th floors in Phiroze Jeejeebhoy Tower and the mezzanine floor in Rotunda building were earlier designated as service areas, used for pantry, housekeeping, storage and related purposes. They were not included in the floor space index (FSI) – ratio of the total floor area to plot area – when the buildings were granted completion and occupation certificates. Accordingly, as per the 2034 Development Plan, the area of the plot that houses the two buildings is 4,970 square metres while the FSI area is 34,271.44 square metres and the non-FSI area is 9549.79 square metres.
The conversion of the five service floors into office spaces will add 8,972.61 square metres to the FSI area, according to the minutes of the August 1, 2025 meeting of the MCZMA where the proposal was approved. On July 13, 2024, the state urban development department granted additional FSI to the BSE by charging the applicable premium for the additional 8,972.61 square metres, the minutes state.
In its proposal, the BSE told the MCZMA that they intended to remove two existing escalators in the Rotunda building and close gaps in construction measuring 168.80 square metres. This was approved by the authority in the same meeting.
“We will use the five floors to set up various offices and data centres,” the source quoted earlier told HT.
Source: HindustanTimes
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