State Bank of India Secures 135,000 Sq Ft Office Space in Navi Mumbai
MUMBAI: India’s largest lender, State Bank of India (SBI), has secured around 135,000 sq ft of office space spread over a total of six floors in a commercial tower located in Airoli, Navi Mumbai. This long-term lease is aimed at housing the bank’s Global IT Centre, a significant move that highlights SBI’s ongoing investment in technology and back-end operations.
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, meaning the space will be delivered in a ready-to-use format. This arrangement helps reduce upfront capital expenditure and accelerates operational readiness.
As part of the lease agreement, SBI 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, as per documents accessed through Propstack, a realty data analytics platform.
The lease, which commences on February 15, is a fresh agreement for a tenure of 60 months. SBI has leased offices 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.
ET’s email query to SBI remained unanswered until the time of going to press.
The transaction underscores the sustained demand for Grade A office assets in Navi Mumbai, particularly from domestic occupiers setting up or expanding Global Capability Centres (GCCs). Navi Mumbai has emerged as one of the preferred destinations for technology and BFSI (Banking, Financial Services, and Insurance) back-office operations. This preference is driven by relatively competitive rentals compared to core Mumbai markets, improving connectivity, and the 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.
