Bandhan Bank expands its footprint in Mumbai's commercial heart, BKC, securing 12 office spaces in INS Tower for INR 135.64 crore. This strategic move aims to elevate its Mumbai corporate office, replacing the current Platina tower location. Real estate experts note a slight premium due to high demand for Grade A spaces in the BFSI hub, with monthly rentals exceeding INR 50 per sq ft. The acquisition involves four sellers and grants exclusive access to 31 car parking slots. This expansion aligns with Bandhan Bank's growth strategy, evidenced by its robust financial performance and workforce expansion, reaffirming its commitment to key financial sectors.
Bandhan Bank, headquartered in Kolkata, has recently expanded its presence in Mumbai's commercial hub, Bandra-Kurla Complex (BKC), by acquiring 12 office spaces across two floors in INS Tower for a total of INR 135.64 crore. This strategic move aligns with the bank's growth and expansion strategy, aiming to utilise the larger space as its Mumbai corporate office, replacing its current location in BKC's Platina tower.
Real estate experts say that the deal value works out to be around INR 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 INR 50 per sq ft per month.
The acquisition involved four sellers: Suraksha Realty, Neostone Developers, Orbit Enterprises, and Veera Associates. Specifically, the bank acquired seven offices on the second floor from Orbit Enterprises, valued at over INR 82.5 crore, and three offices on the first floor from Suraksha Realty for a cumulative amount of INR 31.38 crore. Additionally, one office each was purchased from Neostone Developers and Veera Associates on the second floor. Notably, the deal also grants the bank exclusive access to 31 car parking slots within the tower.
As part of its expansion strategy, Bandhan Bank is increasing its footprint to reach more customers across various geographies. The Mumbai corporate office relocation shows the bank's commitment to strategically positioning itself in key financial sectors like BKC. Bandhan Bank paid a total stamp duty of nearly INR 7 crore for the concluded deals, which were registered on January 31. In addition to the BKC acquisition, the bank secured one and a half floors of office space in a commercial tower in Navi Mumbai's Vashi locality through a long-term lease.
In terms of financial performance, Bandhan Bank reported a 17% year-on-year growth in total business, amounting to approximately INR 2.33 lakh crore for the quarter ended December. Additionally, the net profit rose by 152% to INR 733 crore during the same period. Noteworthy achievements include the addition of nearly 9 lakh new customers, bringing the total count to 3.26 crore across the bank's extensive network of more than 6,250 banking outlets nationwide. The bank also expanded its branch network by opening 400 new branches, including one in Kargil, Ladakh.
Employment-wise, Bandhan Bank's workforce has exceeded 75,000 employees, with an addition of nearly 9,000 employees over the past year, highlighting its commitment to job creation and expansion. Despite attempts to reach out for comments, responses from Suraksha Realty, Neostone Developers, Veera Associates, and Orbit Enterprises were not received.
Overall, Bandhan Bank's strategic acquisition in Mumbai's BKC shows its growth trend and commitment to expanding its presence in key financial markets, reflecting the strong demand seen across India's top office property markets.
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