The National Payments Corporation of India (NPCI), which serves as the overarching body for retail payment systems in India, has successfully acquired a significant land parcel located in the Bandra-Kurla Complex (BKC), a prominent business district in Mumbai, from the Mumbai Metropolitan Region Development Authority (MMRDA) for Rs 829.43 crore to establish its headquarters.
The agreement, which was finalized on June 18, provides NPCI with an 80-year lease for two combined plots situated in G-Block of the business district. The total area of the plots is approximately 1.5 acres, with a permissible built-up area of about 2.59 lakh square feet. This transaction is one of the major land deals in BKC and is anticipated to impact the real estate dynamics of the financial district, particularly regarding future pricing trends and development strategies.
NPCI has already remitted the full lease premium of Rs 829.43 crore to MMRDA, as indicated by documents obtained through the real estate data analytics platform Propstack. Dilip Asbe, the CEO of NPCI, recently stated at an industry event that the organization is in the process of establishing a research and development and experience center in Mumbai with a capacity of 5,000, as part of its global headquarters.
He further mentioned that this initiative is in line with NPCI’s objective of fostering innovation in digital payments and enhancing its global partnerships, highlighting that over 70 countries have visited NPCI’s office in the last 4 to 5 years. As per NPCI’s board resolution, the organization intends to build a 16-storey office on the premises.
The planned office structure is expected to provide approximately 5 lakh square feet of built-up space and will feature four to five levels of basement parking. This suggests that NPCI may pursue the acquisition of additional Floor Space Index (FSI) beyond what is currently allowed under the lease to facilitate a larger construction footprint.
Recently, the Mumbai Metropolitan Region Development Authority (MMRDA) allocated a prime 2.1-acre land parcel in BKC to a consortium led by Schloss Bangalore, which is backed by Brookfield Asset Management, for a lease premium of Rs 1,302 crore. Prior to this, the authority had granted a 3-acre land parcel to the Japanese company Sumitomo Corporation’s Goisu Realty for over Rs 2,067 crore.
These significant acquisitions highlight the increasing significance of BKC as the financial hub of Mumbai and the nation, attracting both public and private sector entities in search of prestigious office locations. NPCI’s choice to consolidate its operations into a single, custom-designed headquarters aligns with a broader trend among public sector organizations to own rather than lease space in vital central business districts.
The strategic positioning of the G-Block plots in BKC places NPCI near various financial regulators, leading banks, global consulting firms, and multinational corporations. The site is also anticipated to gain from forthcoming infrastructure enhancements, including improved metro connectivity and its closeness to the proposed BKC high-speed rail station.
As digital payments continue to surge across India, NPCI’s decision to invest in a permanent, centralized facility emphasizes its goals to expand operations and strengthen its institutional presence. The organization manages essential payment infrastructure such as the Unified Payments Interface (UPI), the RuPay card network, and the National Automated Clearing House (NACH).
For MMRDA, this land transaction contributes to its revenue generation and supports its mission of urban development in Mumbai’s metropolitan area. The deal signifies a strong institutional demand for high-quality commercial real estate in Mumbai.
