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)