SBI leases 1.34 lakh sq ft office space in Navi Mumbai’s Airoli for global IT centre

India’s largest lender State Bank of India (SBI) has leased about 1.34 lakh sq ft of office space across six floors in Navi Mumbai’s Airoli locality to house its global IT centre, according to a report by ET.The office space has been taken on a long-term lease at Newa Bhakti Knowledge City, a commercial development by Newa Technocity (India). The premises will serve as the base for the bank’s State Bank Global IT Centre, reflecting SBI’s continued investment in technology and back-end operations.The agreed rental is Rs 125.05 per sq ft per month, translating into a monthly rent of over Rs 1.68 crore. The rent includes fit-outs, meaning the space will be delivered in a ready-to-use format, helping reduce upfront capital expenditure and enabling faster operational readiness.

As part of the agreement, SBI has deposited a security amount of around Rs 10.11 crore. The lease tenure is 60 months, commencing February 15, with a provision for a 15% escalation in rent after the initial five-year period if the lease is renewed, documents accessed through realty data analytics platform Propstack showed.SBI has leased office premises across the 4th, 5th, 6th, 7th, 8th and 9th floors, with a total carpet area of 1,34,744 sq ft.

The chargeable area was not specified in the agreement. The transaction underlines sustained demand for Grade A office spaces in Navi Mumbai, particularly from domestic occupiers establishing or expanding global capability centres (GCCs). The satellite city has increasingly emerged as a preferred destination for technology and BFSI back-office operations due to comparatively lower rentals than core Mumbai markets, improving connectivity and availability of large contiguous office spaces.With this lease, SBI joins a growing list of financial services and technology firms consolidating operations in Airoli, reinforcing the micro-market’s position as an emerging commercial hub within the Mumbai Metropolitan Region.