Thursday, July 25, 2024

Bandhan Bank Acquires Prime Office Space in Mumbai’s BKC for Over Rs 135.64 Crore

Kolkata-based Bandhan Bank has made a significant acquisition by purchasing 12 offices spanning two floors in INS Tower, a commercial tower in Mumbai’s prestigious Bandra-Kurla Complex (BKC). The outright deal, valued at over Rs 135.64 crore, involves commercial offices obtained from Suraksha Realty, Neostone Developers, Orbit Enterprises, and Veera Associates.

This strategic move aligns with Bandhan Bank’s growth and expansion strategy, intending to utilize the acquired space, nearly four times larger than its current office in BKC’s Platina tower, as its new Mumbai corporate office. The transaction includes seven offices on the second floor from Orbit Enterprises, valued at over Rs 82.5 crore, and three offices on the first floor from Suraksha Realty for a cumulative Rs 31.38 crore. Additionally, one office each has been acquired from Neostone Developers and Veera Associates on the tower’s second floor. The deal also grants the bank exclusive access to 31 car parking slots in the tower.

Bandhan Bank, headquartered in Kolkata, has been operating its Mumbai corporate office from BKC’s Platina for the past eight years. The recent expansion aims to support the bank’s rapid footprint growth to reach more customers, with the Mumbai location being a crucial strategic hub for the Banking, Financial Services, and Insurance (BFSI) sector.

The bank’s spokesperson highlighted the strategic importance of the Mumbai office expansion, emphasizing its alignment with the bank’s growth plan. In addition to the Mumbai acquisition, Bandhan Bank has recently secured one and a half floors of office space in a commercial tower in Navi Mumbai’s Vashi locality through a long-term lease.

For the quarter ending December, Bandhan Bank reported a 17% year-on-year growth in total business, reaching approximately Rs 2.33 lakh crore. Net profit during the same period surged by 152% to Rs 733 crore. The bank’s customer base grew significantly, adding nearly 9 lakh new customers, bringing the total count to 3.26 crore across its banking outlets of more than 6,250 nationwide.

The recent office space acquisition in Mumbai, coupled with its overall growth, reflects Bandhan Bank’s commitment to expanding its presence and enhancing operational capabilities. The total stamp duty paid for all four deals, concluded and registered on Jan 31, amounted to nearly Rs 7 crore. The bank’s robust performance and expansion efforts contribute to India’s buoyant office property market, indicating strong economic strength and occupier activity in the country.

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