NPCI secures prime 6,000 sq m plot in Mumbai’s BKC from MMRDA for ₹829 crore to set up its headquarters

Mumbai real estate: As per registration documents, NPCI has secured an 80-year lease for the BKC plot with over 2.5 lakh sq ft of development potential

The National Payments Corporation of India (NPCI) has acquired a 1.5 acre land parcel from Mumbai Metropolitan Region Development Authority (MMRDA) in Mumbai’s Bandra-Kurla Complex (BKC) for ₹829.43 crore to set up its headquarters, according to property registration documents accessed by Propstack.

NPCI acquires prime 6,000 sq m plot in Mumbai’s BKC from MMRDA for ₹829 crore to set up its headquarters. (Picture for representational purposes only) Photographer: Dhiraj Singh/Bloomberg(Bloomberg)

NPCI has signed an 80-year lease agreement with MMRDA and will construct a 16-storey office building on the site, the documents showed.

The transaction includes the amalgamated plots C-44 and C-48 in G Block of BKC, India’s most expensive commercial district. The lease permits a maximum built-up area of 24,076.4 sq. m. (approximately 2.59 lakh sq. ft.), as per the documents.

According to Propstack, NPCI's board resolution indicates plans to develop an office building with a total built-up area of around 5 lakh sq ft across 16 floors, including four to five levels of basement parking.

Propstack said that given that the current plot offers only about 2.59 lakh square feet of development potential, NPCI may need to acquire additional Floor Space Index (FSI) to realise its proposed project size.

The Mumbai Metropolitan Region Development Authority (MMRDA) has allocated a plot to NPCI in Mumbai's BKC. The company is building about a 5000 capacity R and D centre, a media report had quoted NPCI’s CEO Dilip Asbe as saying in February this year.

According to another report published in the Free Press Journal, the MMRDA had granted administrative approval in September 2024 for the construction of an office for the NPCI at BKC.

As per the Free Press Journal report, the decision was taken as part of the broader vision to develop the Mumbai Metropolitan Region into a global economic hub. The Authority gave administrative approval for the formation of a dedicated ‘Project Implementation Unit’ and a ‘Business Development Cell’ to execute the region's economic Master Plan.

BKC is Mumbai’s central business district (CBD) and a prime hub for the Banking and Financial Services Industry (BFSI) sector and Fortune 500 companies.