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Wednesday, February 28, 2024

For Rs. 198 billion, IDFC First Bank sells office space in Mumbai’s BKC


<p>For Rs 198 crore, IDFC First Bank has sold NSDL the office space it previously occupied in Mumbai’s Bandra Kurla Complex (BKC).<img decoding=”async” class=”alignnone wp-image-226836″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-relaxation-of-the-curfew-is-canceled-in-moreh-town-manipur-download-2023-10-10t182.jpg” alt=”theindiaprint.com relaxation of the curfew is canceled in moreh town manipur download 2023 10 10t182″ width=”1260″ height=”708″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-relaxation-of-the-curfew-is-canceled-in-moreh-town-manipur-download-2023-10-10t182.jpg 299w, https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-relaxation-of-the-curfew-is-canceled-in-moreh-town-manipur-download-2023-10-10t182-150×84.jpg 150w” sizes=”(max-width: 1260px) 100vw, 1260px” title=”For Rs. 198 billion, IDFC First Bank sells office space in Mumbai's BKC 6″></p>
<p>Late on Monday, IDFC First Bank said in a regulatory filing that it has “entered into agreement(s) with National Securities Depository Ltd (NSDL) for the sale of its office premises located at Naman Chambers, BKC, Mumbai.”</p>
<p>The bank’s activities close to its corporate headquarters at IDFC FIRST Bank Tower (The Square) in BKC are being consolidated as a result of this selling agreement.</p>
<p>“Rs 198 crore is the approximate consideration for the aforementioned office premises,” it said.</p>
<p>The office space’s ownership and title would be given to NSDL.</p>
<p>Although IDFC First Bank did not disclose the size of the office space it was selling in its filing, real estate agents estimated it was close to 70,000 square feet.</p>
<p>The transaction adviser for the sale was real estate consultancy Colliers India.</p>
<p>In the first quarter of 2023–2024, the bank reported an after-tax profit of Rs 765 crore.</p>


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