SBI to Acquire 200 Ready-to-Move-In 2BHK Apartments in Mumbai for ₹294 Crore
The State Bank of India (SBI) plans to buy 200 ready-to-move-in 2BHK apartments in various locations across the Mumbai Metropolitan Region (MMR) for its employees, in a bulk deal valued at ₹294 crore, excluding statutory taxes.
Real EstateMumbaiSbiBulk Deal2bhk ApartmentsReal Estate NewsOct 07, 2025
According to bids floated on October 7, SBI has invited developers to offer units in select areas, including the central suburbs between Sion and Ghatkopar, the western suburbs between Andheri and Borivali, the Thane–Kalyan belt, and the Navi Mumbai corridor from Kharghar to Panvel. Each apartment must have a MahaRERA carpet area of approximately 55.74 sq. m. (600 sq. ft.) and be less than five years old, as stated in the tender document.
Only projects registered with Maharashtra RERA are eligible to bid, provided developers can hand over completed flats within 180 days. The SBI has also specified that brokers and intermediaries are not permitted to participate in the bidding process. The evaluation of technical and financial bids will follow a 60:40 techno-commercial scoring system, with assessment based on parameters such as construction quality, project amenities, location, and pricing, among others.
SBI intends to purchase 50 units in each of the identified clusters. For the central suburbs, the bank has earmarked ₹84 crore (excluding taxes) for the acquisition of 50 two-bedroom apartments. In the western suburbs, the estimated cost for 50 similar units is ₹108 crore (excluding taxes). For the Thane–Kalyan belt, SBI has set aside ₹54 crore, while for the Kharghar–Panvel region, the estimated allocation stands at ₹48 crore, both excluding taxes.
The bank plans to purchase 200 apartments along with 400 parking spaces, comprising 200 car parking and 200 two-wheeler parking slots. SBI will consider only ready-to-move-in apartments with all requisite regulatory approvals and occupancy certificates (OCs) in place. Preference will be given to single-ownership projects with clear and marketable titles, and the entire transaction is expected to be completed within six months from the issuance of the Letter of Intent (LoI).
Bulk housing acquisitions are not uncommon in Mumbai’s real estate market, particularly among large public sector banks and government institutions, according to local brokers. SBI itself has previously purchased residential units for staff in areas such as Navi Mumbai and Andheri. Other institutions like Bank of Baroda, Union Bank of India, and LIC Housing Finance have also issued similar tenders for staff accommodation.
Historically, some banks built homes for their staff. However, due to land shortages, institutions now prefer buying ready apartments on the market. This trend ensures that employees have immediate access to quality housing, reducing the time and cost associated with new construction.
The State Bank of India's move is a strategic investment that not only benefits its employees but also supports the local real estate market. By purchasing ready-to-move-in apartments, SBI is contributing to the demand for residential properties in key clusters, which can have a positive impact on property values and the overall economic environment in these areas.
In conclusion, SBI's bulk purchase of 200 two-BHK apartments in the MMR is a significant step towards ensuring employee welfare and long-term cost efficiency. The deal is expected to be completed within six months, providing a clear and marketable title for all units and parking spaces. This initiative reflects the bank's commitment to its employees and the broader real estate market in Mumbai.
Frequently Asked Questions
What is the total value of SBI's bulk deal for 200 apartments?
The total value of SBI's bulk deal for 200 ready-to-move-in 2BHK apartments in the Mumbai Metropolitan Region (MMR) is approximately ₹294 crore, excluding statutory taxes.
Which areas in Mumbai are included in SBI's bulk deal?
SBI's bulk deal includes areas such as the central suburbs between Sion and Ghatkopar, the western suburbs between Andheri and Borivali, the Thane–Kalyan belt, and the Navi Mumbai corridor from Kharghar to Panvel.
What are the criteria for the apartments in SBI's bulk deal?
Each apartment must have a MahaRERA carpet area of approximately 55.74 sq. m. (600 sq. ft.), be less than five years old, and have all requisite regulatory approvals and occupancy certificates (OCs) in place.
How many parking spaces will SBI purchase along with the apartments?
SBI plans to purchase 400 parking spaces, comprising 200 car parking and 200 two-wheeler parking slots, along with the 200 apartments.
Are bulk housing acquisitions common in Mumbai's real estate market?
Yes, bulk housing acquisitions are not uncommon in Mumbai's real estate market, particularly among large public sector banks and government institutions. SBI and other institutions have previously issued similar tenders for staff accommodation.
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