MUMBAI – In a move that highlights the soaring value of prime commercial real estate in India, Standard Chartered Bank has successfully concluded the sale of a significant office unit in Mumbai’s Bandra Kurla Complex (BKC). The transaction, valued at ₹197 crore, marks one of the most notable property deals in the district this year.
Details of the high-value transaction
The deal involves a premium workspace located within the Crescenzo Business District (also known as Parinee Crescenzo), one of the most recognizable commercial towers in BKC. The property was acquired by Advanced Realty Private Limited, a firm based in Mumbai.
According to registration documents, the office unit features:
- Total Chargeable Area: 28,516 sq. ft.
- Carpet Area: 27,003 sq. ft.
- Transaction Rate: Approximately ₹69,084 per sq. ft.
- Parking: The sale includes 27 dedicated car parking spaces, a significant asset in the congested financial district.
The transaction was officially registered on February 2, 2026. Despite the sale, Standard Chartered Bank is not moving out of the building. The bank has sold only a portion of its holdings and continues to operate its main offices from the same premises.
BKC: The jewel of Mumbai real estate
The Bandra Kurla Complex remains India’s premier central business district. Often compared to global financial hubs like London’s Canary Wharf, BKC is home to some of the world’s most powerful brands, including Apple, Amazon, Google, and Netflix.
The high price tag of nearly ₹70,000 per square foot reflects the extreme demand and limited supply of “Grade A” office spaces in this micro-market. Experts suggest that while many companies are adopting hybrid work models, the need for a prestigious physical address in Mumbai’s financial heart remains stronger than ever.
A strategy of portfolio rebalancing
Industry analysts view this sale as part of a broader “portfolio rebalancing” strategy. Many global banks are currently looking to optimize their real estate assets. By selling off excess owned space, companies can “unlock” significant capital that was previously tied up in brick-and-mortar assets. This money can then be reinvested into digital transformation, technology, or core banking services.
The deal follows a string of high-profile activity in BKC, including record-breaking leases by tech firms and luxury brands. It serves as a strong indicator that Mumbai’s commercial real estate market continues to thrive, attracting massive investments from both corporate end-users and real estate developers.
Also read – Oberoi Realty secures prime 11-acre plot in Mumbai
Disclaimer – This article is for informational purposes only and does not constitute financial or real estate advice. Readers should conduct their own research or consult professionals before making investment decisions.
Source – Hindustan Times
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