India, July 6 -- The National Payments Corporation of India (NPCI) has signed an 80-year lease agreement with the Mumbai Metropolitan Region Development Authority (MMRDA) to acquire a 6,019.1 sq m land parcel in Mumbai's Bandra-Kurla Complex (BKC) for Rs.829.43 crore, according to property registration documents accessed by Propstack.

The transaction includes the amalgamated plots C-44 and C-48 in G Block of BKC, India's most expensive commercial district. The lease permits a maximum built-up area of 24,076.4 sq. m. (approximately 2.59 lakh sq. ft.), as per the documents.

According to Propstack, NPCI's board resolution indicates plans to develop an office building with a total built-up area of around 5 lakh sq ft across 16 floors, inclu...