Bandhan Bank Ltd has made a significant investment in Mumbai’s Bandra Kurla Complex (BKC) by acquiring 12 commercial units for a total of ₹135.64 crore from four different sellers. This move aligns with the bank’s strategic plan to expand its presence and cater to a larger customer base.
Details of the Acquisition
- The bank purchased 12 commercial units in INS Tower, BKC, Mumbai for a total of ₹135.64 crore.
- The units were acquired from Orbit Enterprises, Suraksha Realty, Neostone Developers, and Veera Associates.
- The acquisition includes seven units on the second floor from Orbit Enterprises, three units on the first floor from Suraksha Realty Ltd, one unit on the second level from Neostone Developers Pvt Ltd, and one unit from Veera Associates.
Breakdown of the Acquisition
- From Orbit Enterprises:
- Seven commercial units on the second floor spanning 13639 sq ft for ₹82.56 crore.
- Stamp duty paid amounted to ₹4.95 crore.
- Acquisition date: January 31, 2024.
- The space includes 21 car parkings.
- From Suraksha Realty Ltd:
- Three units on the first floor covering 5203 sq ft for ₹31.38 crore.
- The stamp duty paid was ₹1.37 crore.
- The units come with six car parkings.
- From Neostone Developers Pvt Ltd:
- One unit on the second level spanning 2304 sq ft for ₹12.21 crore.
- Stamp duty paid amounted to ₹32.53 lakh.
- The unit includes two car parkings.
- From Veera Associates:
- One commercial unit covering 1816 sq ft for ₹9.48 crore.
- Stamp duty paid was ₹26.58 lakh.
- The unit comes with two car parkings.
CHECKOUT COMMERCIAL PROPERTIES IN BKC
Expert Analysis
Real estate experts have indicated that the deal’s value equates to approximately ₹40000 per sq ft, representing a slight premium compared to other commercial deals in the area. This premium is attributed to the existing supply-demand mismatch for Grade A office spaces in the area, which is a prominent BFSI hub. Furthermore, the monthly rentals in the area exceed ₹250 per sq ft per month.
Bandhan Bank’s Statement
According to a Bandhan Bank spokesperson, the expansion in Mumbai is in line with the bank’s strategy to establish office spaces in various geographies, fostering a conducive work environment, enhancing customer experience, and providing innovative financial solutions.
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