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Time of India
3 days ago
- Business
- Time of India
Infrastructure-boost: NPCI acquires prime land in Mumbai's BKC for Rs 829 crore; plans 16-storey global headquarters
The National Payments Corporation of India (NPCI) has secured a landmark land deal in Mumbai's Bandra-Kurla Complex (BKC), acquiring nearly 1.5 acres from the Mumbai Metropolitan Region Development Authority (MMRDA) for Rs 829.43 crore to establish its global headquarters. Tired of too many ads? go ad free now Finalised on June 18, the transaction grants NPCI an 80-year lease for two amalgamated plots in BKC's G-Block. As per ET, the deal includes a permissible built-up area of about 2.59 lakh sq ft, though NPCI plans to construct a 16-storey tower offering nearly 5 lakh sq ft, indicating its intent to acquire additional Floor Space Index (FSI. T he proposed structure will also feature four to five basement parking levels. The payment systems operator, which runs UPI, RuPay and NACH platforms, has already made the full lease premium payment, according to documents accessed via realty data analytics platform Propstack. The acquisition is among the more prominent land deals in BKC and is likely to impact future pricing and development dynamics in the area. At a recent industry event, NPCI CEO Dilip Asbe said the organisation aims to develop a 5,000-seat R&D and experience centre in Mumbai as part of its new headquarters. He noted that over 70 countries have visited NPCI in the last 4–5 years, underlining its rising global stature, according to ET. Asbe further added that this move aligns with NPCI's vision to drive innovation in digital payments and deepen international cooperation. The land acquisition follows other high-profile deals in BKC. Recently, MMRDA allotted a 2.1-acre plot to a Brookfield-led consortium for Rs 1,302 crore, while Sumitomo Corporation's Goisu Realty secured a 3-acre parcel for over Rs 2,067 crore. Tired of too many ads? go ad free now NPCI's decision to consolidate its operations reflects a growing trend among public sector institutions to own strategic real estate in central business hubs rather than leasing. The G-Block site is located near several financial regulators, top banks, multinational consultancies and is set to benefit from upcoming metro links and the proposed BKC bullet train station. For MMRDA, this deal adds significant revenue and advances its goal of structured urban development across Mumbai. The transaction also underscores strong institutional demand for premium commercial property in India's financial capital. With digital payments expanding rapidly nationwide, NPCI's investment in a permanent HQ marks a strategic push to scale its operations and strengthen its institutional footprint.
Hindustan Times
3 days ago
- Business
- Hindustan Times
NPCI secures prime 6,000 sq m plot in Mumbai's BKC from MMRDA for ₹829 crore to set up its headquarters
The National Payments Corporation of India (NPCI) has acquired a 1.5 acre land parcel from Mumbai Metropolitan Region Development Authority (MMRDA) in Mumbai's Bandra-Kurla Complex (BKC) for ₹829.43 crore to set up its headquarters, according to property registration documents accessed by Propstack. NPCI acquires prime 6,000 sq m plot in Mumbai's BKC from MMRDA for ₹ 829 crore to set up its headquarters. (Picture for representational purposes only)( (Photo by Raju Shinde/HT Photo) ) NPCI has signed an 80-year lease agreement with MMRDA and will construct a 16-storey office building on the site, the documents showed. The transaction includes the amalgamated plots C-44 and C-48 in G Block of BKC, India's most expensive commercial district. The lease permits a maximum built-up area of 24,076.4 sq. m. (approximately 2.59 lakh sq. ft.), as per the documents. According to Propstack, NPCI's board resolution indicates plans to develop an office building with a total built-up area of around 5 lakh sq ft across 16 floors, including four to five levels of basement parking. Propstack said that given that the current plot offers only about 2.59 lakh square feet of development potential, NPCI may need to acquire additional Floor Space Index (FSI) to realise its proposed project size. According to the documents, NPCI wrote to MMRDA in August 2024 requesting the authority to allot them land in BKC. Also Read: Mumbai Real Estate: Top 4 land deals worth nearly ₹5,000 crore closed in BKC, India's costliest commercial district What are NPCI's plans? As per media reports, NPCI intends to set up a research and development (R&D) centre in BKC as part of its broader global expansion strategy. Also Read: NPCI to set up global headquarters in Mumbai's Bandra Kurla Complex: Report The Mumbai Metropolitan Region Development Authority (MMRDA) has allocated a plot to NPCI in Mumbai's BKC. The company is building about a 5000 capacity R and D centre, a media report had quoted NPCI's CEO Dilip Asbe as saying in February this year. According to another report published in the Free Press Journal, the MMRDA had granted administrative approval in September 2024 for the construction of an office for the NPCI at BKC. Also Read: JP Morgan leases 1.16 lakh sq ft in Sumitomo's BKC Tower at ₹7 crore monthly rent for 10 years As per the Free Press Journal report, the decision was taken as part of the broader vision to develop the Mumbai Metropolitan Region into a global economic hub. The Authority gave administrative approval for the formation of a dedicated 'Project Implementation Unit' and a 'Business Development Cell' to execute the region's economic Master Plan. BKC is Mumbai's central business district (CBD) and a prime hub for the Banking and Financial Services Industry (BFSI) sector and Fortune 500 companies.
