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SBI staff housing: The State Bank of India (SBI) will purchase 200 two-BHK flats for its employees, costing ₹294 crore. This move demonstrates SBI’s commitment to employee well-being and will enhance their efficiency and satisfaction. It could also serve as an example for other banks.
SBI staff housing: The country’s largest public sector bank, State Bank of India (SBI), is preparing a major real estate deal for its employees. The bank is planning to purchase 200 ready-to-move-in 2BHK flats in the Mumbai Metropolitan Region (MMR), with a total cost of approximately Rs 294 crore, excluding taxes.
SBI issued a tender on October 7, inviting developers to submit offers for these flats. The areas where the bank is looking for housing 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 imposed?
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 has clarified that only projects registered with Maharashtra RERA 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 factors such as construction quality, location, project amenities, and price.
The bank will also purchase 400 parking slots.
According to the estimated expenditure by region, 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 helps the bank control costs and manage them in the long run. Previously, SBI has purchased homes for its employees in areas like Navi Mumbai and Andheri. Experts say this move signals the increasing activity of government entities in the Mumbai real estate market.
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