India's Allahabad Bank to divest 11 office spaces, Mumbai land

Mumbai. Photo: Sergio Souza/Unsplash

State-owned Allahabad Bank is selling several prime properties across the country, including a land parcel in south Mumbai priced at a minimum of 166 crore ($23.97 million), as part of plans to raise funds by selling off non-core assets, said two people aware of the development.

The bank placed a newspaper advertisement on 28 March inviting bidders for its land parcel at Mumbai’s Pedder Road area. Spread across 1,241 sq. metres, the property has a base price of 166 crore. Property consultant CBRE has been hired as adviser for the land sale.

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