Kolkata-based KCT Group acquires HSBC office in Mumbai
Real Estate

Kolkata-based KCT Group acquires HSBC office in Mumbai

Kolkata’s Karam Chand Thapar (KCT) Group has purchased a 108-year-old prime commercial building at Horniman Circle in Fort, South Mumbai from banking firm HSBC for over Rs 83 crore.

The KCT Group, which has interests in coal, real estate, aquaculture, and manufacturing, has acquired its second prime South Mumbai property.

The HSBC Asset Management offices and the operations of the bank are currently housed in the three-story neoclassical art deco building near the HSBC headquarters.

HSBC had previously put the high-profile property on the market.

The land for the property was purchased in 1888, and the Grade II heritage property was finished in 1912. Since the 1970s, HSBC has been the sole owner and occupier of the property. The plot on which the building stands is leased to the bank for 999 years.

Some HSBC departments and operations have already been relocated to their headquarters on Fort MG Road, while others have been relocated to the bank's offices in the Mumbai suburbs.

The structure has a built-up area of 32,000 sq ft, including a basement, and sits on a quarter-acre plot.

Over the last few years, HSBC has sold a few other real estate assets.

HSBC sold its 1.4-acre land parcel next to Doordarshan Tower in Mumbai's Worli neighbourhood to K Raheja Corp for Rs 230 crore in 2015.

The bank sold Bishopsgate, a residential building in upscale Breach Candy, to Peninsula Land, an Ashok Piramal Group company, along with joint owner Standard Chartered, for Rs 272 crore in 2011.

Image Source


Also read: Dmart buys retail space worth Rs 100 cr from Sunteck in Goregaon

Kolkata’s Karam Chand Thapar (KCT) Group has purchased a 108-year-old prime commercial building at Horniman Circle in Fort, South Mumbai from banking firm HSBC for over Rs 83 crore. The KCT Group, which has interests in coal, real estate, aquaculture, and manufacturing, has acquired its second prime South Mumbai property. The HSBC Asset Management offices and the operations of the bank are currently housed in the three-story neoclassical art deco building near the HSBC headquarters. HSBC had previously put the high-profile property on the market. The land for the property was purchased in 1888, and the Grade II heritage property was finished in 1912. Since the 1970s, HSBC has been the sole owner and occupier of the property. The plot on which the building stands is leased to the bank for 999 years. Some HSBC departments and operations have already been relocated to their headquarters on Fort MG Road, while others have been relocated to the bank's offices in the Mumbai suburbs. The structure has a built-up area of 32,000 sq ft, including a basement, and sits on a quarter-acre plot. Over the last few years, HSBC has sold a few other real estate assets. HSBC sold its 1.4-acre land parcel next to Doordarshan Tower in Mumbai's Worli neighbourhood to K Raheja Corp for Rs 230 crore in 2015. The bank sold Bishopsgate, a residential building in upscale Breach Candy, to Peninsula Land, an Ashok Piramal Group company, along with joint owner Standard Chartered, for Rs 272 crore in 2011. Image Source Also read: Dmart buys retail space worth Rs 100 cr from Sunteck in Goregaon

Next Story
Infrastructure Urban

Six Bidders Vie for Rs 572 Bn Jaiprakash Associates

The scramble to rescue Jaiprakash Associates Ltd (JAL), the flagship of the debt-laden Jaypee Group, reached a decisive stage on Tuesday as the window for resolution plans shut with at least six suitors in the fray. Industry sources say Adani Enterprises, Vedanta Group, Dalmia Bharat, Jaypee Infratech (backed by the Suraksha Group), Jindal Power and PNC Infratech have all lodged bids. Jaypee Infratech confirmed its submission but declined to reveal details.Lenders will open and assess the offers at a Committee of Creditors meeting today. Although bid values remain under wraps, the National Ass..

Next Story
Infrastructure Urban

Delhi Orders Urgent MAMC Hostel Repair and Safety Upgrade

Delhi Chief Minister Rekha Gupta has instructed multiple departments to overhaul hostel infrastructure and enhance student safety at Maulana Azad Medical College (MAMC). Chairing a high-level meeting at the Delhi Secretariat with Public Works Department, Health officials and student representatives, the Chief Minister demanded immediate repairs to ageing hostel blocks, new high-intensity LED lighting, round-the-clock CCTV coverage and a larger security presence.She also ordered a special drive to clear illegal encroachments around the campus and fast-track plans for an additional hostel, delay..

Next Story
Infrastructure Transport

Vikaspuri Road Upgrade, Tree Drive to Boost Delhi Constituency

Delhi’s Health and Transport Minister Pankaj Kumar Singh has broken ground on the long-awaited Baprola Village–Harphool Vihar road while leading a record plantation of 501 saplings under the “Ek Ped Maa Ke Naam” campaign. He said the two initiatives reflect the capital’s “people-centric governance”, promising safer, faster and more dignified daily life for residents.The rebuilt thoroughfare will ease commutes for Baprola Village, G-2 Jai Vihar, Prashant Enclave, Bajrang Chowk and Harphool Vihar, directly benefiting an estimated three thousand to three thousand five hundred school..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?