Unity Small Finance Bank to acquire office space in Mumbai’s Santacruz for Rs 227 cr
Unity Small Finance Bank has entered into an agreement to purchase 70,000 sq ft of office space in a proposed commercial tower in Mumbai’s Santacruz suburb for more than Rs 227 crore.
The deal for outright purchase of the space, instead of the current trend of office leasing, indicates the bank’s long-term commitment and growth plans.
The bank is purchasing the entire second to fifth floors, as well as parts of the upper basement and the ground floor of Unity Towers from the project’s developer, Intercon Constructions (India). As part of the deal, the bank will get exclusive access to 120 car parking slots in the project.
It paid a stamp duty of Rs 13.62 crore for the registration of the deal that took place on June 18, according to documents accessed through FloorTap.com, a marketplace for commercial properties.
The commercial tower is part of a slum rehabilitation project.
The developer received a letter of intimation (LOI) and approval from the Slum Rehabilitation Authority for the project in August 2023. It has also acquired additional land adjacent to the existing plot and is expected to apply for an amended LOI and approvals to include the additional land too.
The bank, as per the agreement, has paid more than 10% of the price and the remaining amount is expected to be paid in instalments based on the construction milestones achieved and certified by a project management consultancy firm
Unity Small Finance Bank did not respond to ET’s email seeking comment, while Intercon Constructions declined to
