HDFC Bank has announced a major strategic plan to sell several prime commercial properties inherited from its 2023 merger with parent company HDFC, sources familiar with the development reported. This asset monetisation, which includes some residential apartments, could generate approximately ₹3,000 crore for India’s most-valued bank.
The properties up for sale include HDFC House in South Mumbai’s Churchgate and residential apartments previously allocated to senior HDFC officials. Key commercial properties located across South Mumbai, Kalina, Chandivali, and other cities such as Kolkata, Mysore, and Bengaluru are collectively valued at around ₹2,400 crore. The residential apartments are expected to add another ₹800 crore.
Originally purchased by HDFC in 2014 for ₹300 crore, HDFC House, formerly known as Lever House, was acquired from Hindustan Unilever and once served as its headquarters before the company relocated to Andheri. Before ownership, HDFC had been leasing this 153,000-square-foot commercial building. However, HDFC Bank has decided to exclude Ramon House, HDFC’s former headquarters, from this sale.
According to sources, the divestment reflects HDFC Bank’s intent to shift focus from managing physical assets to concentrating on core banking operations, following its merger with HDFC. “This strategic move signifies HDFC Bank’s shift in asset management and enhances its liquidity position post-merger,” stated one source.
Industry experts anticipate that the sale will draw interest from real estate investment firms, developers, and institutional investors eager to expand in these high-demand locations. Property consultants also view this as part of a larger trend where Indian financial institutions are selling non-core assets to optimize balance sheets.
This move also demonstrates HDFC Bank’s strategy to capitalise on the booming demand in the commercial real estate market, driven by economic recovery and growing interest from both domestic and international investors.
