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
Related News Articles
Stanley Lifestyles Expands Its Retail Network with New Stanley Living Store in Pune
Stanley Lifestyles, a leading home furnishings brand, has announced the opening of its latest Stanley Living store in Pune. This expansion in the western region of India underscores the company's commitment to tapping into the rapidly growing urban market
Piyush Goyal Supports Skill Development Centre, Reviews Dighi Port Expansion
Union Minister Piyush Goyal recently visited Maharashtra to review the progress of the Dighi Port and support the establishment of a skill development centre. The minister toured operational units and discussed future plans for infrastructure development
DLF Limited Sells Kolkata IT SEZ Tech Park to Srijan Group for Rs 693 Crore
DLF Limited has sold its Kolkata IT SEZ tech park to the Srijan Group for Rs 693 crore through a slump sale, marking a significant transaction in the real estate sector.
Airtel Clarifies: Tata and Bharti Groups in Talks for Mega DTH Merger
Bharti Airtel has clarified that the discussions with the Tata Group for a potential DTH merger are still in the early stages. The telco has also announced a partnership with Ericsson for 5G core technology, marking a significant step in its technological
Gaurs Group Makes History with Live Lottery for Over-Subscribed Gaur NYC Residences Project
In a first for the real estate industry, Gaurs Group conducted a live lottery on YouTube to finalize buyers for its highly sought-after Gaur NYC Residences project.
MahaRERA's Checklist: Essential Details to Verify Before Buying a Home
MahaRERA has issued guidelines to help property buyers ensure they are investing in safe and legally compliant projects. Check out the essential details to verify before signing any agreement.