The State Bank of India (SBI) is planning to purchase 200 two-bedroom-hall-kitchen (2BHK) apartments in a bulk deal for its staff in Mumbai. The deal is worth ₹294 crore, with each apartment costing approximately ₹1.47 crore. This move is part of the bank’s efforts to provide housing to its employees in the city.
The apartments are located in the western suburbs of Mumbai, specifically in the areas of Andheri, Borivali, and Kandivali. The bank has identified these locations as they are close to its branches and offices, making it convenient for employees to commute. The apartments are being purchased from a private developer, who has already completed the construction of the buildings.
This bulk purchase is a strategic move by SBI to address the housing needs of its employees in Mumbai. The city is known for its high real estate prices, making it challenging for individuals to afford homes. By purchasing apartments in bulk, the bank can provide its employees with affordable housing options, which will help to improve their overall quality of life.
The purchase is also expected to have a positive impact on the Mumbai real estate market. The bulk deal is likely to boost the morale of developers and investors, who have been facing a slowdown in the market due to various factors, including the COVID-19 pandemic. The deal may also lead to an increase in demand for apartments in the western suburbs, which could result in higher property prices in the region.
SBI’s decision to purchase apartments in bulk is not a new concept. The bank has been following this strategy for several years, as it helps to reduce costs and provide affordable housing to its employees. In the past, the bank has purchased apartments in other cities, including Delhi, Bengaluru, and Chennai.
The apartments being purchased by SBI are spacious, with each unit covering an area of approximately 900 square feet. The buildings have modern amenities, including lifts, parking, and security services. The bank has also ensured that the apartments are conveniently located, with easy access to public transport, schools, and hospitals.
Overall, SBI’s plan to purchase 200 apartments in Mumbai is a significant move that will benefit both its employees and the real estate market. The deal is expected to be completed soon, and the bank will then allocate the apartments to its eligible employees. This initiative is part of the bank’s efforts to improve the living standards of its staff and provide them with a better work-life balance.