The National Payments Corporation of India (NPCI) has taken a major step toward strengthening its presence in Mumbai’s Bandra-Kurla Complex (BKC) by acquiring a prime land parcel from the Mumbai Metropolitan Region Development Authority (MMRDA) for ₹829.43 crore. The move signals NPCI’s ambition to develop a state-of-the-art global headquarters and a research & development (R&D) centre in India’s most expensive commercial district.
NPCI’s Big Bet on BKC
NPCI signed an 80-year lease agreement with MMRDA to secure a 1.5-acre (approximately 6,000 sq m) plot comprising amalgamated plots C-44 and C-48 in G Block of BKC. According to property registration documents accessed by Propstack, the lease allows for a maximum built-up area of about 24,076 sq m (2.59 lakh sq ft).
However, NPCI plans to develop a 16-storey office building with around 5 lakh sq ft of built-up area, including 4–5 levels of basement parking, suggesting the company may acquire additional Floor Space Index (FSI) to meet its ambitious plans.
In a board resolution, NPCI outlined its intent to create a facility that aligns with its global expansion strategy and bolsters innovation in digital payments through a dedicated R&D centre.
Highlights of the Transaction
| Details | Information |
|---|---|
| Buyer | National Payments Corporation of India (NPCI) |
| Seller/Authority | Mumbai Metropolitan Region Development Authority (MMRDA) |
| Location | G Block, Bandra-Kurla Complex (BKC), Mumbai |
| Plot Size | 1.5 acres (approx. 6,000 sq m) |
| Deal Value | ₹829.43 crore |
| Lease Tenure | 80 years |
| Permitted Built-up Area | 24,076.4 sq m (approx. 2.59 lakh sq ft) |
| Proposed Development | 16-storey HQ + R&D centre, ~5 lakh sq ft |
Strategic Vision: Making Mumbai a Global Economic Hub
According to media reports, NPCI’s CEO Dilip Asbe had stated earlier this year that the organisation is building an R&D centre with a 5,000-person capacity as part of its global strategy to lead in digital payments innovation.
The Free Press Journal also reported that MMRDA gave administrative approval in September 2024 to support the construction, aligning with its vision of developing the Mumbai Metropolitan Region as a global economic hub.
In line with this vision, MMRDA has set up a dedicated Project Implementation Unit and Business Development Cell to oversee the region’s economic master plan.
Quotes from the Stakeholders
- “We are building a 5,000-capacity R&D centre in BKC as part of our global strategy to drive innovation in digital payments,” said NPCI CEO Dilip Asbe earlier this year.
- According to the Free Press Journal: “The decision aligns with MMRDA’s broader vision of transforming Mumbai Metropolitan Region into a global economic powerhouse, with BKC at its heart.”
Frequently Asked Questions (FAQ)
Q1. What is the size of the land NPCI acquired in BKC?
A1. NPCI acquired a 1.5-acre (approx. 6,000 sq m) land parcel in BKC.
Q2. How much did NPCI pay for the land?
A2. NPCI paid approximately ₹829.43 crore for the leasehold rights.
Q3. What are NPCI’s plans for the BKC site?
A3. NPCI plans to build its global headquarters and a 5,000-capacity R&D centre with around 5 lakh sq ft of built-up area over 16 floors.
Q4. How long is the lease agreement with MMRDA?
A4. The lease agreement is for 80 years.
Q5. Why did MMRDA approve this project?
A5. The project supports MMRDA’s vision of transforming Mumbai into a global economic hub, with BKC as the central business district.