Suryoday Small Finance Bank has acquired office space in Navi Mumbai’s Nerul from Larsen & Toubro’s real estate development arm L&T Realty for Rs 100 crore.
The office space spread over a total 12 units across three wings of one of the towers of commercial complex L&T Seawoods Grand Central has a total carpet area of nearly 60,000 sq ft.
The transaction is notable in the backdrop of the ongoing trend of leasing office space rather than purchasing it outright.
As part of the deal, the bank will also get exclusive access to over 58 car parking slots in the tower. The buyer has paid stamp duty worth Rs 6 crore for the registration of the deal that took place on July 4, showed the documents accessed through Propstack.
L&T confirmed the transaction, while ET’s email query to Suryoday Small Finance Bank remained unanswered.
For the quarter ended March, Suryoday Small Finance Bank reported a 56.4% year-on-year rise in net profit at Rs 61 crore against Rs 39 crore in the year-ago period, backed by 29% expansion of net interest income at Rs 271 crore.
The bank’s net interest margin for the quarter was 10.1% against 10.4% in the same quarter last year, although it rose sequentially from 9.8%.
India’s top seven office property markets have registered more than 13.8% on-year growth in gross leasing of over 15.16 million sq ft during the first quarter of 2024, marking the second-best performance for the March quarter, showed a recent report.
This marks the third consecutive quarter where gross leasing has surpassed the 15 million sq. ft mark, following an all-time high of 20.94 million sq ft in the fourth quarter of 2023 and 16.03 million sq ft in the preceding three months.
