Kolkata-based Bandhan Bank has acquired 12 offices spread across two floors in a commercial tower in Mumbai’s business district Bandra-Kurla Complex (BKC) on an outright basis for more than Rs 135.64 crore.
The bank has picked up these commercial offices in INS Tower in BKC from four different sellers – Suraksha Realty, Neostone Developers, Orbit Enterprises, and Veera Associates.
The bank has picked up the new office space as part of its growth and expansion strategy. It is expected to use this new space, which is nearly four times bigger than the current office in BKC’s Platina tower, as its Mumbai corporate office.
The deal with Orbit Enterprises is for a total of seven offices on the second floor of the tower and is valued at over Rs 82.5 crore, while the bank has acquired three offices from Suraksha Realty on the first floor for Rs 31.38 crore cumulatively.
The bank has bought one office from Neostone Developers and Veera Associates each on the second floor of the tower, showed the documents accessed through FloorTap.com. The deal provides the buyer exclusive access to 31 car parking slots in the tower.
While the bank’s registered office is in Kolkata, the Mumbai corporate office is currently located in BKC’s Platina and it has been operating from this premise for the last 8 years.
“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,” said Bandhan Bank‘s spokesperson.
The bank has paid a total stamp duty worth nearly Rs 7 crore for all four deals that were concluded and registered on Jan 31. It has recently also picked up one and a half floor office space in a commercial tower in Navi Mumbai’s Vashi locality through a long-term lease.
For the quarter ended December, Bandhan Bank has recorded 17% on-year growth in its total business at around Rs 2.33 lakh crore, while net profit jumped 152% to Rs 733 crore.
During the quarter ended December, the bank added nearly 9 lakh new customers taking the total count to 3.26 crore across its banking outlets of more than 6,250 across the country. It has opened 400 new branches in the year to December including one in Kargil in Ladakh.
The total number of employees of the bank currently stands at over 75,000 after an addition of nearly 9,000 employees in the last one year.
ET’s email queries to Suraksha Realty, Neostone Developers, and Veera Associates remained unanswered until the time of going to press. Orbit Enterprises could not be reached for a comment.
India’s top eight office property markets witnessed buoyancy in demand, reflecting strong occupier activity emphasising the inherent economic strength of the country and robust annual growth amongst the large economies of the world.
In 2023, according to Knight Frank India data, total office transactions grew by 15% to 59.6 million sq ft, and this is historically the second-best year, with the peak level achieved in the year 2019 of 60.6 million sq ft.
