The State Bank of India (SBI) has announced plans to purchase 200 ready-to-move-in 2BHK apartments across multiple locations in the Mumbai Metropolitan Region (MMR). Valued at approximately ₹294 crore, this large-scale acquisition aims to provide residential accommodation for SBI employees. The purchase value does not include statutory taxes, according to official tender documents issued by the bank.
SBI’s proposal specifies that the apartments must be located in prime and accessible areas, including central suburbs between Sion and Ghatkopar, western suburbs between Andheri and Borivali, the Thane–Kalyan belt, and the Navi Mumbai corridor stretching from Kharghar to Panvel. Each apartment must have a MahaRERA carpet area of about 55.74 sq. m. (roughly 600 sq. ft.) and should be less than five years old. Only registered projects with Maharashtra RERA will be eligible to participate, and developers must be capable of handing over completed units within 180 days.
The bank’s tender clearly states that intermediaries and brokers are not allowed to participate. Evaluation of bids will follow a 60:40 techno-commercial scoring system, factoring in aspects such as construction quality, project amenities, location, and pricing. SBI plans to buy 50 units in each of the four identified clusters. The budget allocation for these purchases includes ₹84 crore for the central suburbs, ₹108 crore for the western suburbs, ₹54 crore for the Thane–Kalyan belt, and ₹48 crore for the Kharghar–Panvel region.
In total, SBI’s plan includes 200 apartments with 400 parking slots—200 for cars and 200 for two-wheelers. The bank will consider only ready-to-move-in apartments with occupancy certificates (OCs) and all required regulatory approvals. Preference will be given to single-ownership projects that possess clear and marketable property titles. Once the Letter of Intent (LoI) is issued, the entire transaction process is expected to be completed within six months.
Real estate experts note that such bulk deals are quite common in Mumbai’s property market, especially among major public sector banks and government organizations. SBI has previously made similar purchases in locations like Andheri and Navi Mumbai. Institutions such as Bank of Baroda, Union Bank of India, and LIC Housing Finance have also engaged in similar staff housing acquisitions. Industry observers believe this approach ensures long-term cost efficiency, stability, and simplified property management, especially in high-demand urban centers like Mumbai.
© 2023 Rera News. All rights reserved.