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

19 May 2025

India's first AI-integrated campus announced in Noida

Yashoda Hospital and Bhutani Infra have announced plans to develop India’s first fully AI-integrated mixed-use campus in Greater Noida West. The upcoming project will feature a hospital, retail spaces, offices, SOHOs, serviced apartments, and a hotel—all operating within a self-learning, generative AI-powered ecosystem.The AI-first campus will integrate real-time data systems, predictive analytics, and adaptive infrastructure to offer personalised experiences across functions. From AI-enabled footfall tracking and dynamic energy optimisation to smart F&B and retail insights, the develo..

Postal Dept Unveils Stamp Honouring 125 Years of Kodaikanal Observatory

The Department of Posts is proud to release a commemorative postage stamp celebrating 125 years of the Kodaikanal Solar Observatory (KSO). Recognising the legacy of the KSO through this special stamp is a fitting tribute to one of India’s most significant scientific institutions and highlights the nation’s long-standing contribution to global science.The Commemorative stamp was released by S Rajendra Kumar, Chief Postmaster General, Karnataka Circle in the gracious presence of A S Kiran Kumar, Chairperson, Governing Council, IIA and Former Chairman, ISRO and other esteemed guests at Indian..

IIFT Sets Up First Overseas Campus and Expands Global Reach in Dubai

The Indian Institute of Foreign Trade (IIFT), an autonomous body under the Ministry of Commerce and Industry, Government of India, has announced the establishment of its first overseas campus in Dubai, United Arab Emirates. This marks a key step in expanding IIFT’s global presence and strengthening India’s engagement in international business education.This historic development has been made possible with the approvals from the Ministry of Education, and No Objection Certificates from the Ministry of External Affairs, Ministry of Home Affairs, and the University Grants Commission. It marks..