BSE Gets State CRZ Panel Nod for Using Four Service Floors as Offices
Mumbai: 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.
Background of the Proposal
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 BSE has been facing a space crunch to accommodate the growing numbers of stock brokers and officials, prompting the decision to convert the service floors into office spaces.
A Brief History of BSE
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.
Approval from MCZMA
The MCZMA has approved the change in use of space in the two buildings in lieu of a fee. 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.
Impact on BSE Operations
The conversion of the service floors into office spaces will provide much-needed space for the growing numbers of stock brokers and officials. The BSE will use the five floors to set up various offices and data centres, according to a highly placed source in the exchange.
The approval from the MCZMA is a significant development for the BSE, which has been facing a space crunch for several years. The additional space will enable the exchange to expand its operations and improve its infrastructure, which is expected to have a positive impact on the Indian stock market.
Conclusion
In conclusion, the BSE has received approval from the state CRZ panel to convert four service floors into offices, providing much-needed space for growing numbers of stock brokers and officials. The conversion of the service floors into office spaces will add 8,972.61 square metres to the FSI area and will enable the exchange to expand its operations and improve its infrastructure.
The development is expected to have a positive impact on the Indian stock market, which has been witnessing significant growth in recent years. The BSE is the oldest stock exchange in Asia and plays a critical role in the Indian economy, and the expansion of its operations is expected to further boost the country’s economic growth.