AU Small Finance Bank buys commercial tower in Mumbai's Bandra for ₹371 crore
has acquired an entire commercial tower on western express highway in
Mumbai
's
Bandra
locality for more than Rs 371 crore from realty developer
Earth Worth Constructions
making it the largest outright office deal by any financial institution this year.
The Jaipur-headquartered bank has purchased the 11-storey property with two basements spread over 74,577 sq ft to set up its corporate office in Mumbai. The emerging private lender has paid stamp duty worth Rs 22.26 crore for the deal at the time of registration on Tuesday, showed the documents accessed by ET.
The property was previously occupied by agriculture products and solutions provider UPL Ltd-- formerly known as United Prosperous--through a long-term lease spanning over 10 years. The company vacated the property last year after the lease term ended.
The standalone commercial tower has a total of 98 car parking slots across its two basements.
The outright deal assumes significance in the backdrop of most financial institutions picking up office spaces through long-term leases.
ET's separate email queries to
AU Small Finance Bank
and Earth Worth Constructions remained unanswered until the time of going to press.
For the year ended March, the listed bank has reported 32% on-year growth in net profit at Rs 2,106 crore. The bank has a network of over 2,456 banking touch points across 21 states and four union territories and has a workforce of over 50,900 employees.
The Indian office property market has experienced remarkable growth in recent years, fuelled by a robust economy and increasing demand from both domestic and international companies.
This growth can be attributed to several factors, including a steady rise in economic activity, the expansion of multinational corporations into India, and the thriving startup ecosystem.
Additionally, the country's growing prominence as a global outsourcing hub and its large talent pool have further boosted the need for high-quality office spaces in key metropolitan cities and emerging business hubs.
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