Click to play videoMumbai: It could be the biggest e-auction of real estate in India. HSBC is all set to use the Internet to sell its property in Worli, Mumbai for over Rs 150 crore.
HSBC Bank’s 80 thousand to one lakh sq foot building in Worli is now looking for a new owner.
The reason - HSBC is shifting its call centre and BPO arm that functions from the Worli building into the 2 lakh sq ft Intellinet Building No 2 in Malad which will house 2500 employees.
With this the prime property in central Mumbai will soon be put on the block. And HSBC has already initiated the process of shifting the 1200 employees from its Worli premises.
HSBC is said to be in talks with builders such as Arheja Corp and Oberoi Constructions for the sale of the property.
Besides, the plan to put up its Worli property for sale through e-auctions, HSBC Bank also considered plans for a residential complex or a hotel development on the plot.
The bank has given the mandate for the sale to property consultants CB Richard Ellis.
"We have been approached by a number of developers already. So we will consider if we get a unique deal. We are also planning to put it for sale thru e- auction for better transparency,” says HSBC India Deputy CEO Simen Munter.
Property consultants have valued this building at between Rs 150 crore to Rs 160 crore, that’s about Rs 20 thousand per sq foot.
But the catch is that the building was originally developed as an industrial unit and was being used by HSBC for IT enabled services.
If the building is to be used for office space the developer will have to convert the industrial status to commercial.
HSBC has said that the shifting of its employees should be complete by October this year and the bank is expecting its Worli premises to be sold by early 2007.
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