October 8, 2025:
The State Bank of India (SBI) has announced plans to acquire 200 ready-to-move-in two-bedroom apartments across multiple locations in the Mumbai Metropolitan Region (MMR), in a bulk purchase estimated at Rs 294 crore, excluding statutory taxes.
According to bids floated on October 7, the bank has invited developers to offer completed residential units in select areas — including the central suburbs between Sion and Ghatkopar, the western suburbs from Andheri to Borivali, the Thane–Kalyan belt, and the Navi Mumbai corridor stretching 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. Only projects registered with Maharashtra RERA are eligible to participate, provided developers can deliver possession within 180 days. Brokers and intermediaries are barred from the bidding process.
The evaluation of proposals will be conducted through a 60:40 techno-commercial scoring system, assessing factors such as construction quality, amenities, location, and pricing. SBI intends to purchase 50 units in each of the four clusters. For the central suburbs, the bank has allocated Rs 84 crore; Rs 108 crore for the western suburbs; Rs 54 crore for the Thane–Kalyan belt; and Rs 48 crore for the Kharghar–Panvel region — all excluding taxes.
The tender also specifies the inclusion of 400 parking spaces — 200 for cars and 200 for two-wheelers. Only projects with valid regulatory approvals and occupancy certificates (OCs) will be considered, with preference given to single-ownership developments holding clear and marketable titles. The entire transaction is expected to conclude within six months of the Letter of Intent (LoI) being issued.
Bulk property acquisitions of this nature are not new to Mumbai’s real estate market. Local brokers note that SBI and other public sector institutions have undertaken similar purchases in the past, including in Navi Mumbai and Andheri.
Source: Hindustan Times
