Unity Small Finance Bank has recently made a notable entry into Mumbai’s real estate market by acquiring commercial properties worth ₹400 crore. These transactions, demonstrate the bank’s strategic efforts to expand its presence in key commercial areas.
The first major acquisition includes properties in Wing A of Unity Towers, Santacruz West, valued at ₹227 crore. This purchase covers an extensive area of 70,030 square feet, including units on the ground floor, upper basement, and the entire first floor, as well as complete occupation of floors 2 to 5. The deal also provides parking space for up to 120 cars, ensuring logistical convenience.
In addition, the bank acquired 20 office units in Tower 1 of Seawoods Grand Central, Navi Mumbai, for ₹165.60 crore. These units span a total carpet area of 97,920 square feet, significantly boosting the bank’s presence in this major commercial complex.
These strategic acquisitions position Unity Small Finance Bank’s commercial assets near its corporate headquarters in Santacruz East, Mumbai, expected to streamline operations and enhance service delivery. This move reflects a broader industry trend where financial institutions and corporate entities prefer owning over leasing commercial spaces for long-term cost efficiency and strategic benefits.
Established by Centrum Financial Services and BharatPe, Unity Small Finance Bank has shown strong financial performance. In the fiscal year 2023-24, the bank reported a 75% year-on-year increase in net income, reaching ₹981 crore, and a remarkable twelvefold rise in net profit to ₹439 crore. This solid financial footing enables the bank to undertake significant investments and strategic acquisitions.
Unity Small Finance Bank’s ₹400 crore investment in commercial properties marks a significant expansion in Mumbai’s competitive real estate market. With a robust financial base and strategic vision, the bank is well-positioned to leverage these acquisitions for sustained growth and operational excellence.
