Stan Chart to sell its Goregaon property in Mumbai

In Mumbai, Standard Chartered has put its six storeyed building in Goregaon for sale. The bank has set a floor price of Rs 325 crore for the 2,46,074 sq ft property. The move follows Stan Chart plans to consolidate its offices under one roof at its corporate headquarters in BKC.

The property will be auctioned via a bidding process and bid for the same are likely to be submitted by September 2, 2013. Currently, The six floor structure in the Raheja Titanium complex house 1500 - 1700 employees in the consumer banking and operations department, who will be relocated to its two offices in south Mumbai's Fort area and one more in the Bandra Kurla Complex business district. Stan Chart bought this property from K Raheja Universal for Rs 325 crore in 2007.

It had followed it up with the purchase of around 1.47 lakh square feet space in BKC for a consideration of R750 Cr in 2008. Recently, Standard Chartered was quoted to be most profitable foreign bank in India. Standard Chartered’s net profit in India in 2012-13 increased 70 per cent to Rs 2,960 crore, lifting it to the top in terms of profitability from its earlier number 3 ranking.

Its profit rose mainly due to a 15 per cent increase in interest income to Rs 9,083 crore. Its total advances grew 11 per cent to Rs 61,954 crore in 2012-13.