Unity Small Finance Bank Ltd Acquires Commercial Units Worth Rs 227 Crore in Santacruz’s Unity Towers

Unity Small Finance Bank Ltd Makes Rs 227 Crore Commercial Property Deal in Mumbai

In a major commercial property transaction, Unity Small Finance Bank Ltd has acquired commercial units worth Rs 227 Crore in A Wing of Unity Towers located in Santacruz. The deal, which was registered on June 18, 2024, involved the bank paying a stamp duty of Rs 13.62 Crore, according to documents obtained by FloorTap.com, a marketplace for commercial properties.

The bank purchased commercial units spanning across multiple floors of the building from Intercon Corporation (I) Ltd, totaling an area of 70,030 sq ft and including 120 car parkings. Unity Small Finance Bank, a digital bank founded by Centrum Financial Services and BharatPe, aims to provide easy access to banking services for all, especially the underserved population.

The real estate market in Mumbai has been witnessing a surge in demand, as highlighted in a recent report by Knight Frank. The report noted that Mumbai saw a significant increase in average annual prices in prime residential or luxury real estate in the first quarter of 2024, leading to a rise in the sale of higher value properties.

Mumbai also experienced a notable growth in prime residential prices, moving up the ranking table to the 3rd position from its 6th position in the previous year. Despite rising mortgage rates and property prices, the city recorded its best performance for real estate deals in May, with over 11,917 property registrations, marking a 21.3% increase from the previous year.

The acquisition by Unity Small Finance Bank Ltd in Unity Towers reflects the thriving real estate market in Mumbai, showcasing the city’s attractiveness for commercial property investments.