The State Bank of India (SBI) plans to acquire 200 ready-to-move two-bedroom apartments across multiple locations in the Mumbai Metropolitan Region (MMR) for its employees. The total deal is valued at approximately ₹294 crore, excluding statutory taxes, according to bid documents released on October 7.
The proposed bulk acquisition will cover residential units spread across four key clusters: the central suburbs between Sion and Ghatkopar, the western corridor from Andheri to Borivali, the Thane–Kalyan belt, and the Navi Mumbai region from Kharghar to Panvel. The move reflects the bank’s continued preference for direct ownership of staff housing rather than rental or lease arrangements.
As per the tender, each apartment must have a MahaRERA-registered carpet area of around 55.74 sq. m. (600 sq. ft.) and be less than five years old. Developers have been invited to submit proposals only for completed projects with all necessary approvals and occupancy certificates (OCs) in place. The delivery window for eligible units is capped at 180 days from the date of award.
The tender document specifies that brokers and intermediaries are not permitted to participate in the process, restricting eligibility to developers and project owners. Evaluation of bids will follow a 60:40 techno-commercial formula, assessing both quality and pricing. The technical criteria include factors such as location, construction quality, amenities, and building maintenance standards.
SBI plans to acquire 50 apartments in each identified cluster. For the central suburbs, the estimated allocation is ₹84 crore, while the western suburbs account for ₹108 crore. The Thane–Kalyan belt is pegged at ₹54 crore, and ₹48 crore has been reserved for the Kharghar–Panvel corridor. All figures exclude statutory taxes and registration charges.
The bank’s proposal includes the purchase of 400 parking slots—200 for cars and 200 for two-wheelers—corresponding to the total number of residential units. Only single-ownership projects with clear, marketable titles will be considered. The transaction, once approved, is expected to be completed within six months from the issuance of the Letter of Intent (LoI).
Bulk housing deals of this scale are relatively common among public sector banks and government institutions in Mumbai’s property market. Such acquisitions are typically aimed at ensuring long-term cost efficiency and convenience in housing management for employees.
Local property consultants said that SBI and other large financial institutions have, in recent years, shown a preference for acquiring completed apartments rather than developing new staff housing projects. Earlier, some banks owned residential colonies built on institutional land, but rising land values and limited availability have shifted focus toward market purchases.
Industry observers noted that similar procurement exercises have been carried out by other state-run entities, including Bank of Baroda, Union Bank of India, and LIC Housing Finance. These institutions often use bulk-buying strategies to negotiate better rates and ensure quality control while providing standardized housing across clusters.
The upcoming SBI purchase signals continued institutional confidence in the MMR real estate market, particularly in the mid-income segment. Developers see such tenders as an opportunity to offload ready inventory and improve cash flows in an otherwise competitive housing landscape.
With the banking sector showing steady credit growth and employee expansion in recent years, the demand for staff accommodation in major metros like Mumbai, Bengaluru, and Hyderabad is expected to remain strong.
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