The National Payments Corporation of India (NPCI) has acquired a 1.5-acre land parcel from the Mumbai Metropolitan Region Development Authority (MMRDA) in Mumbai’s Bandra-Kurla Complex (BKC) for Rs 8.29 billion to establish its new headquarters, according to property registration documents accessed by Propstack.

NPCI has signed an 80-year lease agreement with MMRDA for amalgamated plots C-44 and C-48 in G Block of BKC, India’s most premium commercial district. The lease permits construction of a maximum built-up area of 24,076.4 square metres (around 259,000 square feet). However, NPCI plans to build a 16-storey office tower with a total built-up area of approximately 500,000 square feet, which may require the purchase of additional Floor Space Index (FSI).

The office tower will also include four to five levels of basement parking. According to Propstack, NPCI submitted a formal request to MMRDA in August 2024 seeking land allotment within BKC.

As part of its global expansion strategy, NPCI also plans to establish a research and development centre within the same complex. Media reports earlier this year quoted NPCI CEO Dilip Asbe stating that the new R&D hub will accommodate around 5,000 personnel.

According to the Free Press Journal, the MMRDA granted administrative approval for the NPCI headquarters project in September 2024. The decision aligns with MMRDA’s broader vision of positioning the Mumbai Metropolitan Region as a global economic centre. The Authority has also approved the formation of a Project Implementation Unit and a Business Development Cell to oversee the execution of the regional economic master plan.

BKC is Mumbai’s central business district and a prominent hub for the banking, financial services, and insurance (BFSI) sector, hosting several Fortune 500 companies.