IDFC First Bank Sells BKC Office Space For Rs.198 Crore

IDFC First Bank has sold its Bandra Kurla Complex (BKC) office space to NSDL for Rs 198 crore.

IDFC First Bank announced in a regulatory filing late Monday that it had entered into an agreement(s) with National Securities Depository Ltd (NSDL) for the sale of its office premises located at Naman Chambers, BKC, Mumbai.

This transaction is part of the bank’s concentration of operation near its corporate office at IDFC FIRST Bank Tower (The Square) in BKC.

“The consideration for the mentioned office premises amounts to around Rs 198 crore”, IDFC said.

IDFC went on to say, “The consideration for the mentioned office premises amounts to around Rs 198 crore”.

The office premises’ title and ownership would be transferred to NSDL.

Although the application did not specify the size of the office space sold by IDFC First Bank, property brokers estimated it to be over 70,000 square feet.

Colliers India served as the transaction advisor for the deal.

In the first quarter of 2023-24, the bank earned Rs 765 crore in profit after tax.

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