HDFC Bank to monetise real estate assets inherited in merger

14 Nov 2024 CW Team

In a strategic shift, HDFC Bank plans to sell off several high-value properties acquired during its 2023 merger with its former parent, HDFC, according to sources familiar with the matter. The sale of these assets, including prime commercial and residential properties, could yield approximately Rs 3 billion crore for the bank.

Among the assets to be sold are the iconic HDFC House in Churchgate, South Mumbai, and residential apartments previously allocated to senior HDFC officials. The bank’s commercial real estate portfolio, spanning South Mumbai, Kalina, Chandivali, and other cities such as Kolkata, Mysore, and Bengaluru, is estimated at around ?2,400 crore, while the residential properties are valued at about Rs 8 billion.

HDFC House, formerly Lever House, was originally acquired by HDFC from Hindustan Unilever in 2014 for Rs 3 billion. The property, which spans 153,000 square feet, once housed Hindustan Unilever’s headquarters before the company relocated to Andheri. However, HDFC Bank has chosen to retain Ramon House, the former headquarters of HDFC, as part of its asset portfolio.

"This decision marks a key restructuring of HDFC Bank's assets, as the bank shifts focus from managing inherited properties to concentrating on its core banking activities," a source commented. (ET)

Real Estate

26 Jun 2026

AGM Vijaylaxmi launches Sixty3 W.E. Bizpark

AGM Vijaylaxmi Group has launched Sixty3 W.E. Bizpark, a mixed-use commercial development in Goregaon East, Mumbai. The project includes contemporary office spaces and a high-street retail component designed to support businesses, retailers and professionals.Located along the Western Express Highway, Sixty3 W.E. Bizpark is planned as a G+25-storey commercial tower. It offers office spaces ranging from 545 sq ft to 3,200 sq ft, with a 3.60 metre floor-to-floor height aimed at improving spatial comfort, natural light and operational efficiency.The project features a high-street retail boulevard ..

Manglam Group to Develop Sheraton Hotel in Jaipur

Manglam Group has signed an agreement with Marriott International to develop a Sheraton hotel on the Jaipur–Ajmer Highway in Jaipur. The project will feature 220 keys and is being developed with an investment of around Rs 3.5 billion across more than 300,000 sq ft.The hotel marks Manglam Group’s third collaboration with Marriott International and forms part of its Rs 10 billion hospitality investment roadmap. The agreement was signed by Amrita Gupta, Director, Manglam Group and CEO, Manglam Spa and Resorts, and Rajeev Menon, President, Asia Pacific excluding Greater China, Marriott Interna..

India Warehousing Show 2026 opens at YashoBhoomi

India's warehousing, logistics, and supply chain ecosystem came together as the 15th edition of India Warehousing Show (IWS) 2026 opened at YashoBhoomi, India International Convention & Expo Centre (IICC), Dwarka, New Delhi on June 25 (Thursday). Organised by RX India, the three-day event will run from 25-27 June 2026, bringing together policymakers, industry leaders, technology providers, and supply chain professionals under one roof. It also features a two-day knowledge conference that will run alongside the exhibition. Inaugurated by Pankaj Kumar, Joint Secretary - Logistics, DPIIT..