Bandhan Bank purchases 12 commercial units for ₹135 crore in Mumbai’s BKC

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Bandhan Bank Ltd has purchased 12 commercial units in INS Tower, Bandra Kurla Complex, in Mumbai for 135.64 crore, documents accessed by FloorTap.com, a marketplace for commercial properties showed.

Bandhan Bank Ltd has purchased 12 commercial units in INS Tower, Bandra Kurla Complex, in Mumbai for <span class=
Bandhan Bank Ltd has purchased 12 commercial units in INS Tower, Bandra Kurla Complex, in Mumbai for 135.64 crore, (Hindustan Times)

The Kolkata-based bank has bought these units from four different sellers that include Orbit Enterprises, Suraksha Realty, Neostone Developers and Veera Associates.

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The financial institution has bought seven commercial units on the second floor from Orbit Enterprises spread across an area of 13639 sq ft for 82.56 crore and paid a stamp duty of 4.95 crore on it. The documents were registered on January 31, 2024. The commercial space comes with 21 car parkings.

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The bank has bought three units on the first floor from Suraksha Realty Ltd. This is spread across an area of 5203 sq ft for 31.38 crore and paid a stamp duty of 1.37 crore on it. The units come with six car parkings.

It has bought one unit on the second level from Neostone Developers Pvt Ltd spread across an area of 2304 sq ft for 12.21 crore and paid a stamp duty of 32.53 lakh on it. This comes with two car parkings.

The bank bought one commercial unit from Veera Associates for 9.48 crore spread across an area of 1816 sq ft and paid a stamp duty of 26.58 lakh on it. The unit comes with two car parkings.

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All units were registered on January 31, 2024.

“The bank is expanding its footprint rapidly in order to reach more customers. To support the growth of the bank, we are establishing various office spaces in various geographies. Our current office expansion in Mumbai is in line with the same plan and is an important strategic location for the BFSI sector. It also aligns to the Bank’s commitment to fostering a conducive and vibrant work environment while enhancing customer experience and providing accessible, simple, cost-effective and innovative financial solutions to all customers,” said the Bandhan Bank spokesperson.

Real estate experts told HT Digital that the deal value works out to be around 40000 per sq ft which is at a slight premium compared to other commercial deals in the area. This is largely on account of a supply demand mismatch that exists for Grade A office spaces. The area is a BFSI hub and monthly rentals are more than 250 per sq ft per month.

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