SBI Plans To Buy 200 Ready-To-Move-In 2 BHK Apartments For ₹294 Crore In Mumbai

The State Bank of India (SBI) is planning to buy 200 ready-to-move-in 2BHK apartments across various locations in the Mumbai Metropolitan Region (MMR) for its employees.

Hindustan Times cited the bids floated on October 7 as mentioning that SBI has invited developers to offer units in select areas, including the central suburbs between Sion and Ghatkopar, the western suburbs between Andheri and Borivali, the Thane–Kalyan belt, and the Navi Mumbai corridor from Kharghar to Panvel. The plan is part of the bulk deal valued at around ₹294 crore, excluding statutory taxes.

The tender document stated that each apartment needs to have a MahaRERA carpet area of approximately 55.74 sq. m. (600 sq. ft.) and be less than five years old. Also, only projects

registered with Maharashtra RERA are eligible to bid but the develops have to hand over completed flats within 180 days.

HT quoted the SBI as pointing out that brokers and intermediaries are not permitted to participate in the bidding process.

The document further stated that evaluation of technical and financial bids will follow 60:40 techno-commercial scoring system. The assessment will be based on parameters such as construction quality, project amenities, location, and pricing, among others.

SBI will be purchasing 50 units in each of the identified clusters. While the bank has earmarked Rs84 crore (excluding taxes) for the acquisition of 50 two-bedroom apartments in central suburbs, for 50 similar units in western suburbs the allotted amount is Rs108 crore (excluding taxes). Meanwhile, SBI has allotted Rs54 crore for the Thane-Kalyan region and Rs 48 crore for Kharghar-Panvel region.

Besides 200 apartments, SBI will also be purchasing 400 parking spaces, comprising 200 car parking and 200 two-wheeler parking slots.

HT reported that the preference will be given to single-ownership projects with clear and marketable titles, and the entire transaction is expected to be completed within six months from the issuance of the Letter of Intent (LoI).

“Other institutions like Bank of Baroda, Union Bank of India, and LIC Housing Finance have also issued similar tenders for staff accommodation. Such organisations typically opt for outright purchases in key clusters to ensure long-term cost efficiency and ease of management,” HT quoted a broker, who did not wish to be named, as saying.