Bandhan Bank Ltd has recently acquired 12 commercial units located in INS Tower, situated in Mumbai’s prominent Bandra Kurla Complex (BKC), for a total sum of ₹135.64 crore. This significant transaction, as revealed by documents accessed by FloorTap.com, a marketplace for commercial properties, underscores the bank’s strategic expansion plans.
The Kolkata-based financial institution finalized the purchase from four different sellers: Orbit Enterprises, Suraksha Realty, Neostone Developers, and Veera Associates. The acquisition comprises seven commercial units on the second floor from Orbit Enterprises, spanning an area of 13,639 square feet, for a sum of ₹82.56 crore. Additionally, the bank secured three units on the first floor from Suraksha Realty Ltd, covering 5,203 square feet, for ₹31.38 crore. Furthermore, Bandhan Bank acquired one unit each from Neostone Developers Pvt Ltd and Veera Associates, encompassing 2,304 and 1,816 square feet, respectively, for ₹12.21 crore and ₹9.48 crore.
Each of these transactions was officially registered on January 31, 2024. Moreover, the acquired units come equipped with designated parking spaces, catering to the operational requirements of Bandhan Bank.
Commenting on this strategic move, a spokesperson from Bandhan Bank emphasized the institution’s commitment to expanding its footprint to better serve its growing customer base. The expansion into Mumbai, particularly within the BFSI (Banking, Financial Services, and Insurance) sector hub of BKC, aligns with the bank’s overarching goal of providing accessible and innovative financial solutions.
Real estate experts, speaking to HT Digital, highlighted that the deal’s value translates to approximately ₹40,000 per square foot, representing a slight premium compared to other commercial transactions in the area. This premium is attributed to the prevailing demand-supply dynamics for Grade A office spaces in BKC. Monthly rentals in this area typically exceed ₹250 per square foot, underscoring its status as a prime commercial location.
Bandhan Bank’s strategic acquisition in Mumbai’s BKC not only bolsters its operational capabilities but also underscores its commitment to providing enhanced customer experiences through strategically located office spaces.
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