NPCI acquires prime land in Mumbai's BKC from MMRDA for Rs 829 cr for HQ

Time of India

06-07-2025

The National Payments Corporation of India (NPCI), the umbrella organization for retail payment systems in India, has acquired a prime land parcel in Mumbai's business district
Bandra-Kurla Complex
(BKC) from the Mumbai Metropolitan Region Development Authority (MMRDA) for Rs 829.43 crore to set up its headquarters.
The transaction, finalized on June 18, grants NPCI an 80-year lease for two amalgamated plots in G-Block of the business district. The total plot area measures nearly 1.5 acre, with a permissible built-up area of around 2.59 lakh sq ft.
The deal is among key land transactions in BKC and is expected to influence the financial district's real estate landscape, particularly in terms of future pricing trends and development strategies.
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NPCI has already paid the entire lease premium of Rs 829.43 crore to MMRDA, showed the documents accessed through realty data analytics platform Propstack.
NPCI's CEO Dilip Asbe, speaking at an industry event, had recent said the organisation is setting up a 5,000-capacity research & development and experience centre in Mumbai as part of its global headquarters.
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He added that the move aligns with NPCI's goal of accelerating innovation in digital payments and expanding its global collaborations, noting that over 70 countries have visited NPCI's office in the past 4–5 years.
According to NPCI's board resolution, the organization plans to construct a 16-storey office on the site. The proposed office building is expected to offer around 5 lakh sq ft of built-up space and will include four to five levels of basement parking.
This indicates that NPCI may seek to acquire additional Floor Space Index (FSI) beyond what is currently permissible under the lease to accommodate the larger construction footprint.
ET's email queries to NPCI and MMRDA remained unanswered until the time of going to press.
Recently, MMRDA allotted a prime 2.1-acre land parcel in BKC to a consortium led by Brookfield Asset Management-backed Schloss Bangalore for a lease premium of Rs 1,302 crore. Prior to that, the authority allotted Japanese company Sumitomo Corporation's Goisu Realty a 3-acre land parcel for over Rs 2,067 crore.
These high-value acquisitions reinforce the growing importance of BKC as the financial nerve center of Mumbai and the country, drawing both public and private sector institutions seeking marquee office addresses.
NPCI's decision to consolidate its operations in a single, custom-built headquarters comes amid a broader trend among public sector organisations to own, rather than lease, space in key central business districts.
The strategic location of the G-Block plots in BKC places NPCI in proximity to several financial regulators, leading banks, global consultancies, and multinational corporations. The site is also expected to benefit from upcoming infrastructure upgrades, including enhanced metro connectivity and proximity to the proposed BKC high-speed rail station.
With digital payments experiencing exponential growth across India, NPCI's move to invest in a permanent, centralized facility underlines its ambitions to scale operations and fortify its institutional presence. The organization operates critical payment infrastructure including the Unified Payments Interface (UPI), RuPay card network, and National Automated Clearing House (NACH).
For MMRDA, the land deal adds to its revenue stream and supports its mandate of urban development in Mumbai's metropolitan region. The transaction reflects robust institutional appetite for quality commercial real estate in Mumbai. Ends