SBI Leases 1.34 Lakh Sq Ft Office Space in Airoli for GCC at Rupee 1.68 Crore Monthly Rent

Source: Chatgpt

India’s largest public sector lender, State Bank of India (SBI), has taken a significant step to strengthen its technology and global operations by leasing 1.34 lakh square feet of office space in Airoli, Navi Mumbai. The large commercial deal is aimed at establishing the bank’s Global Capability Centre (GCC), reflecting the growing importance of technology-driven banking infrastructure.

The lease agreement comes at a monthly rental of approximately ₹1.68 crore, highlighting the rising demand for premium office spaces in the Navi Mumbai commercial market.

Details of the Lease Deal ( SBI Leases 1.34 Lakh Sq Ft Office Space in Airoli for GCC at Rupee 1.68 Crore Monthly Rent )

According to property documents accessed by real estate data platforms, SBI’s State Bank Global IT Centre (GITC) has leased the office space at Newa Bhakti Knowledge City in Airoli from Newa Technocity India Pvt Ltd. SBI Leases 1.34 Lakh Sq Ft Office Space in Airoli for GCC at Rupee 1.68 Crore

The office space spans six floors—from the ground floor and the 4th to 9th floors—covering about 1,34,000 sq ft. The bank will pay ₹125.05 per sq ft per month, which translates to a total rent of ₹1.68 crore per month including fit-outs.

The five-year lease agreement also includes a 15% rent escalation clause upon renewal, while SBI has deposited approximately ₹10.11 crore as a security deposit for the property.

Strengthening SBI’s Global Technology Operations

The newly leased office space will serve as a Global Capability Centre (GCC) for SBI, supporting its growing digital banking operations and technological infrastructure. The move aligns with the bank’s broader strategy of expanding its technology hubs across major Indian cities.

Earlier this year, SBI also inaugurated a GCC in Bengaluru, marking a significant step toward building specialized technology centres to support global banking services and digital transformation initiatives.

Airoli Emerging as a Major GCC and IT Hub

Industry experts note that this major lease deal reinforces Airoli’s rising prominence as a hub for Global Capability Centres in the Mumbai Metropolitan Region (MMR). The locality offers strong connectivity, modern commercial infrastructure, and access to a skilled workforce, making it an attractive destination for large institutional occupiers.

Over the past few years, Airoli has witnessed several major commercial real estate transactions involving leading IT and multinational companies, further strengthening its reputation as a growing technology and business district.

Growing Demand for Commercial Spaces in Navi Mumbai

SBI’s latest lease transaction highlights the continued demand for large Grade-A office spaces in Navi Mumbai. With increasing corporate expansions and the rise of technology-driven business operations, areas like Airoli, Ghansoli, and Mindspace Business Parks are rapidly emerging as key commercial destinations in the Mumbai region.

The deal also reflects the strong confidence of institutional tenants in Navi Mumbai’s commercial real estate market, which continues to attract major investments and large office leases.

Author: Ajjay Bhagyakar

Published by: Griha Realty

Source: Hindustan Times