Mumbai, October 25 (Udaipur Kiran) – In a big development for State Bank of India (SBI) staff, the country’s largest public sector bank is planning to acquire flats and parking spaces for its employees across Mumbai and surrounding regions. The move marks one of the biggest housing initiatives by a government-owned bank in recent years.
According to official information, SBI issued a tender on October 7, inviting real estate developers to submit proposals for housing projects. The bank plans to buy properties in Mumbai’s central suburbs (Sion to Ghatkopar), western suburbs (Andheri to Borivali), the Thane–Kalyan belt, and Navi Mumbai (Kharghar to Panvel).
Key Terms and Conditions
As per the tender, each flat must have a minimum carpet area of around 600 sq ft (55.74 sq m) and should be no more than five years old. Only MahaRERA-registered projects are eligible to participate, and brokers or intermediaries will not be allowed.
The selection process will follow a techno-commercial scoring model (60:40) — where projects will be evaluated based on construction quality, location, available amenities, and pricing.
Estimated Investment and Parking Plan
The bank’s region-wise investment is expected to be significant:
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₹84 crore in the central suburbs
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₹108 crore in the western suburbs
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₹54 crore in the Thane–Kalyan belt
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₹48 crore in Kharghar–Panvel
In addition to the housing units, SBI will purchase 400 parking slots — 200 for cars and 200 for two-wheelers — for employees’ use.
A Strategic Move in Real Estate
Industry experts say that such bulk property purchases by public sector banks are part of a long-term strategy to provide stable housing to staff while keeping costs under control. SBI has previously bought housing units for its employees in Andheri and Navi Mumbai, and this new tender marks a significant scale-up.
Experts also believe that SBI’s large-scale participation highlights the growing involvement of government institutions in Mumbai’s real estate market, potentially boosting developer confidence in mid-segment residential projects.
