IDFC First Bank Sells Office Premises In Mumbai's BKC For Rs 198 Crore

IDFC First Bank Ltd. has sold its office premises in Bandra Kurla Complex (BKC), Mumbai to National Securities Depository Ltd. for Rs 198 crore.

In a regulatory filing late Monday, IDFC First Bank said it has "entered into agreement(s) with NSDL for the sale of its office premises located at Naman Chambers, BKC, Mumbai." This sale deal is a part of consolidation of the bank's operations near its corporate office at IDFC FIRST Bank Tower (The Square) at BKC.

"The consideration for the mentioned office premises amounts to around Rs 198 crore," it said.

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

While the filing did not mention about the size of the office space sold by IDFC First Bank, property brokers said the size is nearly 70,000 square feet.

Real estate consultant Colliers India acted as the transaction advisor for the deal.

The bank had posted a profit after tax of Rs 765 crore in the first quarter of 2023-24.