This news is massive of them who are working for the State Bank of India (SBI). India’s biggest public sector bank is about to acquire flats, parking lots for their employees. To make this possible, official initiative has already underway.
Know the news in detail
SBI issued a tender on October 7, inviting developers to submit offers for these flats. The areas the bank is looking to locate include the central suburbs (from Sion to Ghatkopar), the western suburbs (from Andheri to Borivali), the Thane-Kalyan belt, and Navi Mumbai (from Kharghar to Panvel).
What conditions has SBI put?
According to the notification, each flat must have a carpet area of approximately 600 square feet (55.74 square meters) and must have been built for less than five years. The bank clarified that only projects registered with the Maharashtra RERA (MahaRERA) will be eligible to bid, and brokers or intermediaries will not be permitted. The bidding process will use a techno-commercial scoring system (60:40), which will evaluate projects based on factors such as construction quality, location, project amenities, and price.
The bank will also purchase 400 parking slots
According to the estimated region-wise expenditure, SBI will spend ₹84 crore in the central suburbs, ₹108 crore in the western suburbs, ₹54 crore in the Thane-Kalyan belt, and ₹48 crore in Kharghar-Panvel. The bank will also purchase 400 parking slots (200 cars + 200 two-wheelers).
According to local real estate experts, public sector banks often enter into such bulk deals to provide long-term housing for their employees. This allows the bank to control costs and manage them more efficiently in the long run. SBI has previously purchased homes for its employees in areas like Navi Mumbai and Andheri. Experts say this move signals the increasing involvement of government entities in the Mumbai real estate market.