State Bank of India Floats ₹294 Crore Tender for 200 Ready-to-Move 2 BHK Apartments Across Mumbai Metropolitan Region

The State Bank of India has issued a tender invitation for the procurement of 200 ready-to-occupy 2 BHK residential units spread across the Mumbai Metropolitan Region to address employee housing requirements. The institutional bulk acquisition carries an estimated value of approximately ₹294 crore, exclusive of applicable taxes.

Tender Specifications and Compliance Requirements

The banking institution has outlined detailed specifications for the residential units. Each apartment must feature a 2 BHK configuration with a MahaRERA-certified carpet area measuring approximately 55.74 square meters, equivalent to roughly 600 square feet. The properties should not exceed five years in age and must be accompanied by all statutory legal approvals and occupancy certificates, ensuring complete compliance during property site visits.

Developers participating in the tender must demonstrate the capability to complete handover procedures within 180 days following the issuance of the Letter of Intent. Strict eligibility criteria specify that only Maharashtra RERA-registered projects qualify for submission, while brokers and intermediary agents are explicitly prohibited from participating in the bidding process.

Evaluation Methodology and Scoring Framework

The tender evaluation follows a techno-commercial scoring model with a 60:40 weightage distribution. Assessment parameters encompass construction quality standards, availability and quality of amenities, strategic location advantages, and competitive pricing structures. This comprehensive approach ensures affordable housing projects in Mumbai meet institutional standards.

Regional Distribution and Financial Allocation

The procurement strategy divides the acquisition into four distinct geographical clusters, with 50 residential units allocated per cluster. The financial distribution reflects varying property valuations across different micro-markets within the Mumbai Metropolitan Region.

The comprehensive package includes 400 parking spaces, comprising 200 designated car parking slots and 200 two-wheeler parking facilities, distributed proportionally across all acquired properties.

Strategic Rationale and Market Precedents

Large institutional entities frequently opt for direct bulk acquisitions to fulfill employee accommodation needs, as this approach provides enhanced control, standardization across properties, and significant cost efficiency through economies of scale. The State Bank of India has previously executed similar property acquisition programs in Mumbai regions, including Navi Mumbai and Andheri localities.

This procurement initiative follows established patterns observed among public sector institutions, with organizations such as Life Insurance Corporation and various public sector banks having undertaken comparable bulk residential acquisitions. The move is closely related to ongoing development projects in the Panvel corridor, which continues to attract institutional interest.

Market Implications and Developer Opportunities

The institutional procurement demonstrates sustained confidence in Mumbai's real estate market trajectory, particularly within the ready-to-move inventory segment. The tender creates substantial opportunities for developers maintaining quality ready stock in mid-segment 2 BHK categories across the specified geographical clusters.

Industry observers suggest this acquisition could influence demand dynamics in mid-segment residential zones, potentially setting benchmarks for institutional bulk procurement pricing. The emphasis on MahaRERA-registered projects reinforces regulatory compliance standards within institutional purchasing frameworks.

The tender's focus on ready-to-move properties in Mumbai highlights the institution's preference for immediate occupancy solutions over under-construction inventory, reflecting broader risk mitigation strategies in institutional real estate procurement.

Disclaimer: This news article is based on publicly available information regarding State Bank of India's tender announcement. The details mentioned, including budget allocations, specifications, and geographical distributions, are reported as per the tender documentation. Readers are advised to verify all information independently and consult official SBI communications for the most accurate and up-to-date details. The article does not constitute investment advice, and property values mentioned are indicative based on tender allocations. Actual transactions may vary based on final negotiations and market conditions.