Two floors of Shathabdi Bhavan (centenary complex) of the defunct Nedungadi Bank Limited (NBL) on the mini bypass road at Govindapuram in the city have been put up for sale with a reserve price of ₹4.26 crore and ₹4.12 crore respectively.
The NBL with its headquarters in Kozhikode was one of the first private sector commercial bank established by Appu Nedungadi in South India in 1899. It was taken over by the Punjab National Bank (PNB) in 2003 after the RBI declared a moratorium on the bank.
Confirming the development, PNB Kozhikode circle head N. Ramchandran said the complex was the headquarters of NBL once. “It is a huge building. Now we don’t require seven floors for a circle office. That is why we decided to sell two floors,” he told The Hindu on Friday.
The bank has decided to sell the fifth and sixth floors measuring 606.08 sq m and 583.82 sq m respectively. The last date to submit earnest deposit money and documents for e-auction sale of the property is January 22.
As part of the centenary celebrations, NBL constructed the seven storey complex in 1.12 acres of land in 1999. At the time of the amalgamation with PNB, NBL had established 174 branches across the country. The Kozhikode circle of the PNB has 60 branches in five districts in north Kerala.
Initially the PNB had plans to sell the complex and the land. But the management felt that none would purchase the assets at a huge price. After it took over NBL, the PNB now owns assets worth crores of rupees in various towns and cities in the State, sources said.
