The National Payments Corporation of India (NPCI) has acquired a prime land parcel in Mumbai’s Bandra-Kurla Complex (BKC) from the Mumbai Metropolitan Region Development Authority (MMRDA) for ₹829.43 crore to establish its headquarters.
Finalized on June 18, the transaction grants NPCI an 80-year lease on two amalgamated plots in G-Block, covering nearly 1.5 acres with a permissible built-up area of approximately 2.59 lakh sq ft.
This deal is one of the significant land transactions in BKC and is expected to impact the area’s real estate landscape, notably regarding future pricing trends and development strategies.
NPCI has paid the entire lease premium of ₹829.43 crore to MMRDA, as indicated by documents reviewed through the realty data analytics platform Propstack.
NPCI’s CEO, Dilip Asbe, recently announced plans to set up a 5,000-capacity research and development center in Mumbai as part of its global headquarters.
This initiative aligns with NPCI’s ambition to drive innovation in digital payments and extend its global partnerships, with over 70 countries visiting NPCI’s office in the past 4-5 years.
According to NPCI’s board resolution, the organization intends to construct a 16-story office building on the site, expected to provide around 5 lakh sq ft of built-up space, including four to five levels of basement parking.
This suggests that NPCI may pursue additional Floor Space Index (FSI) beyond what is permitted under the current lease to accommodate the larger construction footprint.
Queries sent to NPCI and MMRDA remained unanswered at the time of publication.
Recently, MMRDA allocated a 2.1-acre land plot in BKC to a consortium led by Brookfield Asset Management’s Schloss Bangalore for a lease premium of ₹1,302 crore. Previously, the authority also allotted a 3-acre land parcel to Sumitomo Corporation’s Goisu Realty for over ₹2,067 crore.
Such high-value transactions underscore the increasing significance of BKC as Mumbai’s financial hub, attracting both public and private institutions seeking prestigious office locations.
NPCI’s decision to consolidate operations into a custom-built headquarters is part of a broader trend among public sector organizations to own, rather than lease, space in crucial business districts.
The G-Block plots’ strategic location positions NPCI near key financial regulators, major banks, global consultancies, and multinationals. The site is set to benefit from upcoming infrastructure enhancements, including improved metro connectivity and access to the proposed BKC high-speed rail station.
With digital payments rapidly growing across India, NPCI’s investment in a permanent, centralized facility highlights its ambition to expand operations and strengthen its institutional presence. The organization manages critical payment infrastructures like the Unified Payments Interface (UPI), RuPay card network, and National Automated Clearing House (NACH).
For MMRDA, this land deal enhances its revenue stream and supports urban development initiatives in Mumbai’s metropolitan region, reflecting a robust institutional demand for quality commercial real estate.
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