MUMBAI: India’s largest lender State Bank of India has picked up around 135,000 lakh sq ft of office space spread over a total six floors of a commercial tower in Navi Mumbai’s Airoli locality through a long-term lease to house its global IT centre.
The agreed rental stands at Rs 125.05 per sq ft per month, translating into a monthly outgo of over Rs 1.68 crore. The rent is inclusive of fit-outs, indicating that the space will be delivered in a ready-to-use format, reducing upfront capital expenditure and speeding up operational readiness.
As part of the agreement, the bank has deposited a security amount of about Rs 10.11 crore. The lease provides for a 15% escalation in rent after the initial five-year term, applicable in case of renewal, showed documents accessed through Propstack, realty data analytics platform.
The lease, which commences on February 15, is a fresh agreement for a tenure of 60 months. The bank has picked up office space at Newa Bhakti Knowledge City, a commercial development of Newa Technocity (India).
The premises will serve as the base for the bank’s State Bank Global IT Centre, underscoring the lender’s continued investment in technology and back-end operations.
The lease, which commences on February 15, is a fresh agreement for a tenure of 60 months. SBI has leased offices across 4th, 5th, 6th, 7th, 8th and 9th floor with a total carpet area of 1,34,744 sq ft. The chargeable area was not specified in the agreement.
ET’s email query to SBI remained unanswered until the time of going to press.
The transaction highlights sustained demand for Grade A office assets in Navi Mumbai, particularly from domestic occupiers setting up or expanding GCCs.
The satellite city has emerged as one of the preferred destinations for technology and BFSI back-office operations due to its relatively competitive rentals compared to core Mumbai markets, improving connectivity and availability of large contiguous floor plates.
With this transaction, SBI joins a growing roster of financial services and technology occupiers consolidating operations in this micro-market, reinforcing its position as a key commercial hub in the Mumbai Metropolitan Region.
