Kolkata-based KCT Group acquires HSBC office in Mumbai

13 Jul 2021 CW Team

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.

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