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The State Bank of India (SBI) is set to acquire 200 ready-to-move-in two-bedroom apartments across the Mumbai Metropolitan Region for its employees, in a bulk deal valued at around INR 294 crore, excluding taxes. The bank has invited developers to submit proposals for units in central suburbs, western suburbs, the Thane-Kalyan belt, and Navi Mumbai from Kharghar to Panvel. Each apartment must have a MahaRERA-approved carpet area of approximately 55.74 sq. m. and be less than five years old. The purchase will also include 400 parking slots.
The State Bank of India (SBI) is moving ahead with plans to acquire 200 ready-to-move-in two-bedroom apartments across different locations in the Mumbai Metropolitan Region for its staff, in a bulk deal worth approximately INR 294 crore, excluding statutory taxes. Developers have been invited to submit their proposals for units in select areas, including the central suburbs between Sion and Ghatkopar, the western suburbs from Andheri to Borivali, the Thane-Kalyan belt, and the Navi Mumbai corridor stretching from Kharghar to Panvel. Advertisement
According to the tender, each apartment must have a MahaRERA-approved carpet area of about 55.74 sq. m. (600 sq. ft.) and should be under five years old. Only projects registered with Maharashtra RERA are eligible, and developers must be able to deliver completed units within 180 days. Brokers or intermediaries are not allowed to participate in the bidding process.
The evaluation of proposals will follow a 60:40 techno-commercial scoring system, considering construction quality, project amenities, location, and pricing. SBI plans to buy 50 units in each cluster, with allocations of INR 84 crore for central suburbs, INR 108 crore for western suburbs, INR 54 crore for Thane-Kalyan, and INR 48 crore for Kharghar-Panvel, excluding taxes.
The bank's purchase will also include 400 parking spaces, comprising 200 car slots and 200 two-wheeler slots. Only ready-to-move-in apartments with all regulatory approvals and occupancy certificates will be considered, and single-ownership projects with clear titles will be given preference. The entire transaction is expected to complete within six months of the issuance of the Letter of Intent.
Bulk purchases of apartments are common among public sector banks and government institutions in Mumbai, with SBI itself having previously acquired residential units for staff in areas such as Navi Mumbai and Andheri. These bulk acquisitions provide long-term housing solutions for employees and also help institutions streamline housing arrangements efficiently.
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