MUMBAI: The State Bank of India (SBI), the country’s largest lender, has secured approximately 135,000 square feet of office space across six floors in a commercial tower located in Navi Mumbai’s Airoli area through a long-term lease. This space will serve as the bank’s global IT center.
The agreed rent is Rs 125.05 per square foot per month, amounting to a monthly expense of over Rs 1.68 crore. Importantly, this rent includes fit-outs, ensuring the space will be ready-to-use, thus minimizing initial capital costs and expediting the operational setup.
As part of the lease agreement, SBI has made a security deposit of approximately Rs 10.11 crore. The lease stipulates a 15% rental increase after the first five years, applicable upon renewal, as revealed by documents accessed through Propstack, a real estate data analytics platform.
Starting on February 15, the lease is set for a duration of 60 months. SBI occupies offices on the 4th through 9th floors with a total carpet area of 134,744 square feet, though the chargeable area was not specified in the agreement.
This premises will act as the base for SBI’s State Bank Global IT Centre, demonstrating the bank’s ongoing investment in technology and back-end operations. An email query by RealtyDailyNews to SBI remained unanswered by the time of publication.
This transaction underscores the sustained demand for Grade A office space in Navi Mumbai, especially among domestic companies establishing or expanding Global Capability Centers (GCCs). The satellite city has become a favored choice for technology and BFSI back-office operations, attributed to its competitive rental rates compared to core Mumbai markets, along with improved connectivity and availability of expansive floor plates.
With this deal, SBI aligns itself with a growing number of financial services and tech firms consolidating their operations in this micro-market, thereby reinforcing its position as a central commercial hub in the Mumbai Metropolitan Region.
