State Bank of India plans bulk acquisition of 200 2BHK flats in Mumbai for ₹294 crore

The State Bank of India (SBI) is planning a significant bulk purchase of 200 ready-to-move-in two-bedroom hall-kitchen (2BHK) flats across the Mumbai Metropolitan Region (MMR) for its staff. This major acquisition is valued at approximately ₹294 crore, excluding statutory taxes.

As per the documentation released on 7 October, the lender has issued a tender inviting developers to submit bids for units in four specific property clusters.

The bank intends to buy 50 units in each of the identified clusters. For the central suburbs, it has earmarked ₹84 crore (excluding taxes) for the acquisition of 50 2-bedroom apartments. In the western suburbs, the estimated cost for 50 similar units is ₹108 crore (excluding taxes), according to the tender document.

For the Thane–Kalyan region, the lender has set aside ₹54 crore, while for the Kharghar–Panvel region, the estimated allocation stands at ₹48 crore.

Unit Requirements

• Each flat must have a MahaRERA carpet area of approximately 55.74 sq. m. (600 sq. ft.).

•- The properties must be less than five years old.

Procurement Rules

• The tender outlines strict criteria for developer participation and the properties themselves.

Registration and Approvals

• Only projects registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA) are eligible to bid. Crucially, the flats must be ready-to-move-in with all necessary regulatory approvals and Occupancy Certificates (OCs) already in place.

Timeframe

• Developers must be capable of handing over the completed flats to the bank within 180 days of the agreement. The entire transaction is expected to be finalised within six months from the issuance of the Letter of Intent (LoI).

Ownership and Title

• Preference will be given to projects under a single ownership with clear and marketable titles.

To ensure a direct deal, brokers and intermediaries are strictly forbidden from participating in the bidding process.

The successful bidders will be selected based on a 60:40 techno-commercial scoring system. This comprehensive evaluation will assess various factors, including technical (60%) and financial (40%) aspects.

In addition to the 200 residential units, SBI's purchase plan also mandates the acquisition of 400 parking spaces in total, comprising 200 dedicated car parking spots and 200 two-wheeler parking slots.