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Bharat Diamond Bourse The Giant Wading Through Plethora of Regulatory Formalities
By: Diamond World News Service
Jul 19 2008 12:31PM
Reference: 2845  

The Giant Wading Through Plethora of Regulatory Formalities

Diamond World News Service The Bharat Diamond Bourse is a much desired project and expectations too are rising as the towers sprawled over massive Bandra-Kurla complex area come to life.

The eight towers are almost ready and are projected to be fully operational in the next three to four months. Diamond World spoke to Kaushik Mehta about when the over-due project will report completion.

The present status of the project sounds progressing and Kaushik Mehta, Vice-Chairman of the project said, “We have got Occupation Certificate (OC) and No Objection Certificate (NOC) for OC. We have received this for 6 towers out of 8 from MMRDA and for 6 towers we have got NOC from BMC as well. Towers 7 and 7B are yet to receive OC. There are certain queries that Bharat Diamond Bourse is answering and we should get OC for those two remaining towers in the next couple of months.

These certificates are a prime step in completion of formalities for possession. The next step is to sign the Lease Agreement with MMRDA, Kaushik Mehta expects this to take another month. He says, “We can then issue Property Membership Certificates to members according to their allotment. We should have things ready latest by October 2008 end.”

The Trading Hall which is an essential requirement of the members has started its interior work. The customs area which is around 20 thousand ft2. is also having its interior decoration work. This should be positive for those who are wondering how much the project has progressed. The work is reportedly going to be complete within 3-4 months, alongside the official permission seeking work.

The key elements are ready and the massive 18 lakh ft2. construction will host all utilities services that the industry might require. The 14 lakh ft2. area out of the 18 lakh ft2. has already been allotted. Some area has been kept for public utility which is non-saleable and will house the Trading Floor, Customs Area, Conference Halls and other facilities offered by the Bourse.

Around 300 thousand ft2 area has been allotted to banks, restaurants etc. and may be some of it will be sold after signing the lease agreement.

The massive structure makes one concerned about the security available. There are around 150 security personnel at present, “We want to have state-of-the-art security system. The hardware work is complete but the software part i.e. intelligence system is held up only because people have to finish their interior work and such sophisticated devices could fail with so much of dust and other debris around,” revealed Kaushik Mehta. The installation of the security system, building automation, energy monitoring has been pending since they want to install state-of-the-art technology and the most updated one available at the time, once all other work is complete.

Meanwhile, the members are being given temporary possession at present and if anyone wants to start interior and office work one can do so. “Those who have agreed to take required measures have promised us so and have started work on their offices. But this number is very small say just around 10 per cent of the occupants,” explains Kaushik Mehta.

They have plans to set up a PR Division soon to take care of members' needs and do not want members to delay work on their offices due to lack of support from BDB. “We will set up a team of around 12-14 people. They will take care of water problems, will have architects ready to check plans and assist with members' needs and so on. This will be done within the next 2 months. We already have a small department of 4-5 people right now but we want to have a full-fledged cell,' says Mehta.

“The project has made much progress and now it is up to the members to start their active efforts and finish their interiors so that they may be ready to relocate when the green signal is shown”, concluded Kaushik Mehta.

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Abdul Kalam
(Sao Paulo)
Good to know about the BDB. I hope to visit it soon and meet rough diamond buyers.
whatis cost of one carat diamond for sales whatis cost of rough diamond kindly mention what will be margin profit in polishing the diamond one carat
its very happy to know the diamond market is in the process to shift from Opera house Ariea
Very soon, diamond market will be shifting to BDB and the owners are very eager and excited about the same. Of course, the decision to shift after such a long wait is definitely a welcome, however, nobody has thought about the problems that the staff will be facing. Plying to and from Bandra station daily is going to be a magnanimous task, if transport facilities are not arranged. There will be thousands of employees who will ply daily, during the rush hour in the morning as well as in the evening. Presently too, the bus stop near the station for BDB area, is amidst slum area and apart from the unhygenic surroundings and unruly crowd, the problem of getting bus or ricksha is critical. The queue for bus during the morning hours is so long, it could cover the distance of one whole bus stop. Standing in the blazing heat of the sun, without any shelter, or standing in rains during monsoon, dripping water from head to toe and jumping puddles of dirty drain water, is the condition of t
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