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In a bold move to promote employee welfare, State Bank of India (SBI) has launched an ambitious e-tender for direct purchase of 200 ready-to-move-in 2BHK apartments in the Mumbai Metropolitan Region (MMR), with a budget of ₹294 crore (excluding taxes). Launched on October 7, the initiative aims to target key clusters to provide seamless connectivity to the bank’s huge workforce, amid rising housing demand in India’s financial capital.

SBI wants 50 units in each zone: central suburbs (Sion-Ghatkopar, ₹84 crore allocation), western suburbs (Andheri-Borivali, ₹108 crore), Thane-Kalyan belt (₹54 crore), and Navi Mumbai’s Kharghar-Panvel corridor (₹48 crore). Each flat must have a MahaRERA-registered carpet area of ​​approximately 55.74 square meters (600 sq ft), be less than five years old, and be located within 2 km of major railway stations for easy commuting. Single-occupancy, with clear ownership, free from urban land ceiling acts, and backed by all statutory permissions like NOC and completion certificate, encumbrance-free properties are preferred.

Bidders must ensure turnkey readiness: fully operational lifts with license, electrical wires/panels/meters, functional plumbing/sanitary fixtures, floors/dado/ceilings, doors/windows, modular kitchen, interior/exterior painting, drainage/paths, municipal water/tanks, HT electrical connections and amenities in the premises. If air conditioning systems are involved, their full testing is necessary. Should possession be obtained within six months of Letter of Intent (LOI), proof of compliance will be sought in the technical bids.

The tender entails deposit of Earnest Money Deposit (EMD) of ₹55 lakh through DD or Bank Guarantee (valid for 180 days, extendable) from Non-SBI Scheduled Banks, payable at Mumbai. Successful bidders will have to pay 5% security deposit (including EMD). The evaluation consists of 60% techno-commercial and 40% price criteria. Documents can be downloaded through SBI’s Procurement Portal (and e-TenderWizard (www.tenderwizard.com/SBIETENDER) from October 7 to November 6. Pre-bid inquiries will close at 5 pm on October 14. Representatives with details can be emailed to agmpe.lhomum@sbi.co.in.

This employee housing initiative is on the lines of peer banks like Bank of Baroda and Union Bank of India, indicating a sector-wide shift towards employee-centric realty investments amid skyrocketing MMR prices (₹15,000-30,000/sq ft in Thane). The deal also secures 400 parking slots (200 cars, 200 two-wheelers), reflecting SBI’s holistic approach to work-life balance in this commuter-heavy city.