SBI Plans Big Housing Move For Staff, 200 Ready Flats In Mumbai In ₹294 Crore Bulk Deal

Mumbai: The State Bank of India (SBI) is planning a large real estate purchase in Mumbai. The bank wants to buy 200 ready-to-move-in 2BHK apartments across key suburban locations to house its staff.

The deal is expected to cost around Rs 294 crore, excluding taxes. This is one of the biggest housing moves by a public sector bank in recent times.

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Locations Identified Across Mumbai

According to a tender issued by SBI on October 7, the flats will be spread across four major areas:

- Central suburbs from Sion to Ghatkopar

- Western suburbs from Andheri to Borivali

- The Thane–Kalyan belt

- The Kharghar–Panvel stretch in Navi Mumbai

SBI plans to buy 50 apartments in each area, with project cost estimates ranging from Rs 48 crore to Rs 108 crore depending on location.

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Apartment Requirements and Conditions

Each flat should have a carpet area of around 600 sq. ft. and must be less than five years old. Only projects that are registered with MahaRERA and can hand over fully approved flats within 180 days will be considered. Brokers and intermediaries are not allowed to participate in the bidding process.

The bank is also asking for 400 parking slots – one car and one two-wheeler space per flat. Preference will be given to developers offering flats in single-ownership projects with clear titles and all necessary approvals.

Why Bulk Buys Are Common

Bulk purchases like this are not new in Mumbai’s real estate market. Public sector banks like SBI, Bank of Baroda, and LIC Housing Finance have made similar moves in the past to provide housing for their employees.

Earlier, banks used to build homes for their staff. But with land becoming scarce, they now prefer to buy ready flats to save time and reduce long-term costs.