The State Bank of India (SBI) is planning a substantial investment in Mumbai's real estate market to provide housing for its employees. The bank intends to purchase 200 ready-to-move-in 2BHK apartments across the Mumbai Metropolitan Region (MMR) in a bulk deal valued at approximately ₹294 crore, excluding statutory taxes.
According to a bid floated on October 7, 2025, SBI has invited developers to offer units in specific areas. These areas include the central suburbs between Sion and Ghatkopar, the western suburbs between Andheri and Borivali, the Thane–Kalyan belt, and the Navi Mumbai corridor from Kharghar to Panvel. The tender document specifies that only projects registered with Maharashtra RERA are eligible to bid, and developers must be able to hand over completed flats within 180 days. Brokers and intermediaries are not permitted to participate in the bidding process.
Each apartment must have a MahaRERA carpet area of approximately 55.74 sq. m. (600 sq. ft.) and be less than five years old. SBI will only consider ready-to-move-in apartments with all requisite regulatory approvals and occupancy certificates in place. Preference will be given to single-ownership projects with clear and marketable titles, and the entire transaction is expected to be completed within six months from the issuance of the Letter of Intent (LoI). In addition to the 200 residential units, SBI's purchase plan also mandates the acquisition of 400 parking spaces, comprising 200 car parking spots and 200 two-wheeler parking slots.
The evaluation of technical and financial bids will follow a 60:40 techno-commercial scoring system. Assessment will be based on parameters such as construction quality, project amenities, location, and pricing.
SBI plans to purchase 50 apartments in each of the identified clusters. For the central suburbs, the bank has earmarked ₹84 crore (excluding taxes) for the acquisition of 50 two-bedroom apartments. In the western suburbs, the estimated cost for 50 similar units is ₹108 crore (excluding taxes). For the Thane–Kalyan belt, SBI has set aside ₹54 crore, while for the Kharghar–Panvel region, the estimated allocation stands at ₹48 crore, both excluding taxes.
This bulk housing acquisition is not uncommon in Mumbai's real estate market, particularly among large public sector banks and government institutions. SBI itself has previously purchased residential units for staff in areas such as Navi Mumbai and Andheri. Due to land shortages, institutions now prefer buying ready apartments on the market. This move by SBI is seen as a commitment to employee welfare, addressing the rising demand for comfortable, mid-sized homes in metro cities and the challenges of housing affordability. It also aligns with modern corporate practices that integrate employee well-being into long-term sustainability goals.
Mumbai's real estate market has shown consistent momentum, with a 26% year-on-year growth in residential sales. Strong infrastructure development and modern housing projects contribute to the confidence of developers in the market. The city recorded 6,238 property registrations during Navratri 2025, a 20% year-on-year increase, contributing ₹587 crore to state revenue.
