MUMBAI: Standard Chartered Bank has divested one of its commercial properties in the Parinee Crescenzo tower located in Mumbai’s Bandra Kurla Complex (BKC) to Advanced Realty for ₹197 crore.
The office boasts a chargeable area of 28,516 sq ft and a carpet area of 27,003 sq ft, including 27 parking slots. This sale translates to approximately ₹69,084 per sq ft on the chargeable area.
The transaction was officially recorded on February 2, 2026, according to documents obtained via the real estate data analytics platform Propstack.
The commercial tower currently accommodates a variety of multinational corporations, banks, financial service companies, and professional service firms. Standard Chartered Bank retains additional offices within the same tower and will continue its operations there.
Industry experts note that the sale of owned commercial assets reflects ongoing portfolio adjustments by corporations and financial institutions. Many occupants are monetizing their real estate to free up capital or transition to asset-light strategies, opting for long-term leases rather than ownership.
Standard Chartered Bank has chosen not to comment on this matter.
In recent years, numerous financial services firms and multinational occupants have begun re-evaluating their owned real estate portfolios in light of changing workplace strategies, hybrid work trends, and differing capital allocation priorities. This has led to selective asset sales, even in prime business districts, and a preference for long-term leases in top-quality developments.
BKC remains one of Mumbai’s most desirable office micro-markets, characterized by its central location, robust infrastructure, and a high concentration of financial and corporate tenants. Properties of high-caliber in core locations such as BKC continue to attract investor interest due to limited supply and steady demand from occupants.
Although office markets in various Indian cities have experienced fluctuating trends, BKC has shown remarkable resilience, buoyed by a shortage of new supply and constant demand from sectors like financial services, legal, consulting, and technology. Experts anticipate continued transaction activity in this micro-market, fueled by selective purchases of well-positioned assets.
