SBI to Acquire 200 Two-BHK Apartments in Mumbai for ₹294 Crore
The State Bank of India (SBI) is planning to buy 200 ready-to-move-in 2BHK apartments across various locations in the Mumbai Metropolitan Region (MMR) for its employees in a bulk deal worth ₹294 crore.
Mumbai Real EstateSbiBulk Deal2bhk ApartmentsMahareraReal EstateOct 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, the bank 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.
SBI plans to purchase 200 apartments along with 400 parking spaces, comprising 200 car parking and 200 two-wheeler parking slots. The bank 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, local brokers said. 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. Such organizations typically opt for outright purchases in key clusters to ensure long-term cost efficiency and ease of management.
According to local brokers, some banks historically built homes for their staff. However, due to land shortages, institutions now prefer buying ready apartments on the market. This trend reflects the changing dynamics of the real estate sector in Mumbai, where ready-to-move-in properties are increasingly sought after for their convenience and immediate usability.
Frequently Asked Questions
What is the total value of SBI's bulk deal for 200 two-BHK apartments in Mumbai?
The total value of SBI's bulk deal for 200 two-BHK apartments in Mumbai is approximately ₹294 crore, excluding statutory taxes.
In which areas of Mumbai is SBI planning to purchase the apartments?
SBI plans to purchase the apartments in 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 key requirements for the apartments SBI is looking to purchase?
The apartments 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.
Why are bulk housing acquisitions common in Mumbai’s real estate market?
Bulk housing acquisitions are common in Mumbai’s real estate market, particularly among large public sector banks and government institutions, to ensure long-term cost efficiency and ease of management.
Related News Articles
Pune's Nightlife Takes a Hit: Under-25s Barred from Popular Clubs
Following the Porsche accident case
Domestic Abuse in Pune: Woman Abducted by Husband and In-Laws, Police Investigation Underway
A shocking incident of domestic violence has come to light in Pune, where a woman was kidnapped by her husband and in-laws, sparking a police investigation.
Schneider Electric Revolutionizes India's Real Estate Market with Innovative Solutions
Schneider Electric unveiled pioneering Home Energy Management Solutions at BuildCon 2024, catering to India's growing demand for smart and sustainable homes.
US Real Estate Mogul Brandon Miller's Shocking Debt Revealed After Tragic Death
Brandon Miller, a wealthy real estate developer, had only $8,000 in his bank account despite owing $34 million in debt. His financial struggles were largely due to his lavish lifestyle and massive loans on his Hamptons mansion.
PVR INOX to Shut Down 70 Underperforming Screens in FY25
The company plans to explore the potential monetisation of non-core real estate assets located in prime areas, including Mumbai, Pune, and Vadodara.
Real Estate Slump in Indore During Diwali: High Prices and Excess Inventory Dampen Sales
Despite the festive season of Diwali, real estate sales in Indore remain sluggish, primarily due to high property prices and an oversupply of inventory.