NPCI Secures 80-Year Lease for Prime 6,019.1 sq m Plot in Mumbai’s BKC for ₹829 Crore
The National Payments Corporation of India (NPCI) has signed an 80-year lease agreement with the Mumbai Metropolitan Region Development Authority (MMRDA) to acquire a 6,019.1 sq m land parcel in Mumbai’s Bandra-Kurla Complex (BKC) for ₹829.43 crore. The plot offers a maximum built-up area of 2.59 lakh sq ft.
NpciMmrdaBkcMumbai Real EstateLease AgreementReal EstateJul 06, 2025
The transaction involves the amalgamated plots C-44 and C-48 in G Block of BKC, which is known as India’s most expensive commercial district. The lease allows for a maximum built-up area of 24,076.4 sq. m. (approximately 2.59 lakh sq. ft.), according to the documents.
According to Propstack, NPCI's board resolution indicates plans to develop an office building with a total built-up area of around 5 lakh sq ft across 16 floors, including four to five levels of basement parking. However, since the current plot offers only about 2.59 lakh square feet of development potential, NPCI may need to acquire additional Floor Space Index (FSI) to realize its proposed project size.
NPCI wrote to MMRDA in August 2024, requesting the authority to allot them land in BKC. This move aligns with NPCI’s broader global expansion strategy, which includes setting up a research and development (R&D) center in the area. Media reports suggest that NPCI intends to establish a 5,000 capacity R&D center in BKC, as stated by NPCI’s CEO, Dilip Asbe, in February this year.
The MMRDA has been proactive in supporting such initiatives. In September 2024, the authority granted administrative approval for the construction of an office for NPCI at BKC. This decision is part of the broader vision to develop the Mumbai Metropolitan Region into a global economic hub. The MMRDA has established a dedicated ‘Project Implementation Unit’ and a ‘Business Development Cell’ to execute the region's economic Master Plan.
Bandra-Kurla Complex (BKC) is Mumbai’s central business district (CBD) and a prime hub for the Banking and Financial Services Industry (BFSI) sector and Fortune 500 companies. This strategic location will likely enhance NPCI’s operational efficiency and global reach, positioning it as a key player in the financial technology landscape.
NPCI’s acquisition of this prime plot in BKC underscores the growing importance of the region in India’s financial and technological sectors. The development of a state-of-the-art R&D center is expected to contribute significantly to the region’s economic growth and innovation ecosystem.
Frequently Asked Questions
What is the size of the plot NPCI has leased from MMRDA?
NPCI has leased a 6,019.1 sq m land parcel in Mumbai’s Bandra-Kurla Complex (BKC).
How much did NPCI pay for the lease?
NPCI paid ₹829.43 crore for the 80-year lease.
What are NPCI's plans for the BKC plot?
NPCI plans to develop an office building with a total built-up area of around 5 lakh sq ft across 16 floors, including four to five levels of basement parking. They also intend to set up a research and development (R&D) center in BKC.
Why is BKC considered a prime location?
Bandra-Kurla Complex (BKC) is Mumbai’s central business district (CBD) and a prime hub for the Banking and Financial Services Industry (BFSI) sector and Fortune 500 companies.
What role does MMRDA play in this deal?
The Mumbai Metropolitan Region Development Authority (MMRDA) has allocated the plot to NPCI and granted administrative approval for the construction of an office building in BKC.
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