State Bank of India has leased 1.34 lakh sq ft of office space in Navi Mumbai’s Airoli for its Global Capability Centre under a five-year lease agreement at a monthly rent of ₹1.68 crore, documents accessed by Propstack showed.
The State Bank Global IT Centre leased the space spanning the ground and fourth through ninth floors at Newa Bhakti Knowledge City from Newa Technocity India Private Limited, the documents showed.
The lease rent is ₹125.05 per sq ft per month, translating to a total monthly rental of ₹1.68 crore, inclusive of rent and fit-outs. The agreement includes a 15% escalation clause upon renewal after five years, and the bank paid a security deposit of ₹10.11 crore, according to documents.
A set of queries has been emailed to SBI. The story will be updated if a response is received. Newa Technocity could not be reached for a comment.
“The lease of over 1.34 lakh sq. ft. at Newa Bhakti Knowledge City by State Bank of India (GITC) underscores the continued preference for Airoli as a primary hub for Global Capability Centers (GCCs) in the MMR. This long-term commitment, starting at approximately ₹125 per sq. ft. (inclusive of fit-outs), reflects robust demand for high-quality IT infrastructure to support large-scale digital banking operations. It is a clear indicator that institutional tenants are prioritizing consolidated, ready-to-use spaces to drive their technological mandates,” said Raja Seetharaman, co-founder Propstack.
Real estate transactions by SBI
In 2024, State Bank of India (SBI) Funds Management Ltd purchased two commercial office units in Bandra Kurla Complex (BKC) for ₹103 crore, according to property registration documents accessed by Propstack. The two office units, spread across a carpet area of 15,176 sq ft, were purchased at a per-sq-ft price of ₹67,870, according to the documents. SBI Funds Management Ltd is a fund management company that manages pension funds, mutual funds, ETFs, and alternative investments.
Media reports indicate that in 2021, actors Amitabh Bachchan and Abhishek Bachchan rented the ground floor of the Vatsa and Ammu bungalows in Juhu, Mumbai, to the State Bank of India for 15 years at a monthly rent of ₹18.9 lakh, according to documents accessed by Zapkey.
Other commercial transactions in Airoli
In December 2025, IT major Wipro Limited expanded its presence by leasing 1.45 lakh sq ft of commercial space in Mindspace Business Parks, Airoli, near Mumbai, for a period of five years at a total rent of over ₹61 crore.
Earlier this year, HERE Solutions India Private Limited, an IT firm, had signed a long-term lease for commercial office space spanning 2.08 lakh sq ft in Mindspace Business Park, Airoli, Navi Mumbai, near Mumbai, at a total rent of ₹147 crore for 10 years, according to property registration documents accessed by Propstack.
In 2025, Prime Lohegaon Infraspaces LLP, a subsidiary of Pune-based Panchshil Realty, acquired Capgemini’s Knowledge Park in Airoli, Thane, near Mumbai, for ₹550 crore, making it one of the largest commercial real estate transactions of the year in the Mumbai Metropolitan Region, according to property registration documents accessed by CRE Matrix.
Dow Chemicals International Pvt Ltd leased 1.79 lakh sq ft of office space at Mindspace Business Park in Airoli, Navi Mumbai, for ₹1.64 crore per month under a 10-year agreement, according to documents accessed by Propstack.
