Mumbai News: Unity Small Finance Bank Purchases Property Worth ₹227 Crore

Mumbai News: Unity Small Finance Bank Purchases Property Worth ₹227 Crore

Unity Small Finance Bank, founded by Centrum Financial Services and BharatPe, aspires to be India's first truly digital bank.

Bhalchandra ChorghadeUpdated: Friday, June 21, 2024, 07:58 PM IST
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Mumbai News: Unity Small Finance Bank Purchases Property Worth ₹227 Crore | representative pic

In one of the biggest commercial property deals in the recent past, the Unity Small Finance Bank Ltd has purchased commercial units worth Rs 227 Crore in A Wing of Unity Towers situated in Santacruz. The bank paid a stamp duty of Rs 13.62 Crore and the deal was registered on June 18, 2024, according to the documents accessed by FloorTap.com, the marketplace for commercial properties.

The bank purchased commercial units situated in the Upper Basement (Part), Ground Basement (Part), first (Part), second, third, fourth and fifth floors of the building from Intercon Corporation (I) Ltd, the documents stated. The total area of property is 70,030 sq ft and also has 120 car parkings.

Unity Small Finance Bank, founded by Centrum Financial Services and BharatPe, aspires to be India's first truly digital bank. Leveraging the best-in-class technology, it aims to ensure access and ease of banking for all, including the underserved.

Knight Frank, the leading international property consultancy, in its recent report ‘Prime Global Cities Index Q1 2024’ noted that Mumbai recorded an increase in its average annual prices in prime residential or luxury real estate in Q1 of 2024. Mumbai’s significant rise on the international index was largely due to the rise in demand. While the demand has been strong for all segments, there has been a rise in the sale of higher value products.

According to the report, Mumbai recorded third highest year-on-year (YoY) growth in prime residential prices in Q1 2024, pushing it up the ranking table by three places to 3rd position from its 6th position in Q1 2023.

Mumbai also recorded its best performance on record for real estate deals in May, driven by brisk sales and high demand despite increased mortgage rates and rising property prices. The Mumbai property market saw over 11,917 property registrations, up 21.3% from the previous year.

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