NPCI Secures 80 Year Lease in BKC for Office Expansion

National Payments Corporation of India (NPCI) has bought a 1.5-acre land tract in Bandra-Kurla Complex (BKC) in Mumbai from the Mumbai Metropolitan Region Development Authority (MMRDA) for ₹829.43 crore, as per property documents obtained by Propstack. The 80-year lease comprises plots C-44 and C-48 in G Block of BKC, one of India's most high-end commercial hubs, with a total built-up area not exceeding about 2.59 lakh sq ft allowed.

According to Propstack, NPCI plans to develop a 16-storey headquarters with an estimated 5 lakh sq ft of built-up area, including four to five basement parking levels. This implies the organisation will likely need to buy extra Floor Space Index (FSI) to coincide with its development ambitions. 

Key Highlights-

• NPCI buys 1.5 acre plot in Mumbai BKC for 829 crore
• Plans 16 floor headquarters with five thousand capacity RD centre
• May seek extra FSI to expand beyond current 2 point 59 lakh sq ft limit

READ MORE: Mumbai Metropolitan Region's Next Commercial Hub

Propstack reported that the NPCI had in August 2024 approached MMRDA seeking land allocation. "The project will aid us in consolidating our operations and facilitate future expansion," Dilip Asbe, CEO of NPCI said to the Free Press Journal in February, in reference to a proposed 5,000-capacity R&D centre.

The MMRDA granted administrative approval for NPCI’s project in September 2024 as part of efforts to transform Mumbai into a global economic hub. “We see BKC as a strategic location to drive the next phase of India’s payments infrastructure,” Asbe said.

The new headquarters supports MMRDA's overall strategy, including a Project Implementation Unit and a Business Development Cell, to implement the region's economic master plan. BKC, with its location as a center for BFSI companies and Fortune 500 companies, is considered central to these aspirations.