Suryoday Small Finance Bank Expands Presence in Navi Mumbai with Rs 100 Crore Office Space Purchase
Suryoday Small Finance Bank has acquired office space in Navi Mumbai's Nerul from L&T Realty for Rs 100 crore, marking a significant investment in the region.
Office SpaceNavi MumbaiSuryoday Small Finance BankLt RealtyCommercial Real EstateReal Estate MumbaiJul 20, 2024
In an era where leasing office space is becoming increasingly popular, Suryoday Small Finance Bank's decision to purchase the office space outright is a testament to its commitment to the region. The bank has paid stamp duty worth Rs 6 crore for the registration of the deal, which took place on July 4.
The acquisition comes at a time when the bank is witnessing significant growth. For the quarter ended March, Suryoday Small Finance Bank reported a 56.4% year-on-year rise in net profit at Rs 61 crore, backed by a 29% expansion of net interest income at Rs 271 crore. The bank's net interest margin for the quarter was 10.1%, against 10.4% in the same quarter last year.
The commercial real estate market in India is also witnessing a surge in growth, with the top seven office property markets registering more than 13.8% on-year growth in gross leasing during the first quarter of 2024. This marks the second-best performance for the March quarter, with gross leasing surpassing the 15 million sq ft mark for the third consecutive quarter.
Information
Larsen & Toubro (L&T) is a multinational conglomerate with business interests in engineering, construction, manufacturing, and financial services. Its real estate development arm, L&T Realty, is one of the leading real estate developers in India.
Suryoday Small Finance Bank is a small finance bank that offers a range of financial services, including lending, deposit-taking, and payment services. The bank is headquartered in Navi Mumbai and has a presence across India.
Frequently Asked Questions
How much did Suryoday Small Finance Bank pay for the office space?
Rs 100 crore
Where is the office space located?
Nerul, Navi Mumbai
Who is the seller of the office space?
L&T Realty
What is the total carpet area of the office space?
Nearly 60,000 sq ft
What is the growth rate of Suryoday Small Finance Bank's net profit?
56.4% year-on-year
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