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The State Bank of India has leased around 1.35 lakh sq ft of office space in Airoli, Navi Mumbai, for its global IT operations. The space, located at Newa Bhakti Knowledge City, is spread across multiple floors and has been taken at a monthly rent of about INR 1.68 crore at INR 125.05 per sq ft. The five-year lease includes a security deposit of over INR 10 crore and a 15 percent rent escalation clause. The transaction reflects steady demand for large Grade-A office spaces in Navi Mumbai.
The State Bank of India has taken on lease nearly 1.35 lakh sq ft of office space in Airoli, Navi Mumbai, to expand its global IT and technology operations. The space is located at Newa Bhakti Knowledge City, a commercial development that has been attracting large occupiers due to its infrastructure and connectivity. Advertisement
The leased premises are spread across the ground floor and the fourth to ninth floors of the building, providing SBI with a sizeable and contiguous office setup. The bank has agreed to pay a monthly rent of around INR 1.68 crore, calculated at INR 125.05 per sq ft. The agreement includes fit-outs, allowing the bank to operationalise the premises without additional major interior expenditure.
As part of the transaction, SBI has placed a security deposit of more than INR 10 crore. The lease has been signed for a five-year term. It also includes a 15 percent escalation in rent at the time of renewal after the completion of the initial lease period. Such clauses are common in long-term commercial leases and indicate confidence in rental growth in the micro-market.
This move aligns with SBI's broader strategy of strengthening its technology backbone. Over the past few years, the bank has been investing in digital banking, data management, cybersecurity, and backend processing capabilities to support its nationwide operations. Establishing a large IT centre in Navi Mumbai supports these objectives while also allowing cost efficiencies compared to prime commercial districts in Mumbai.
Navi Mumbai, particularly Airoli, has emerged as a preferred location for banks, financial institutions, and technology firms looking for Grade-A office space. The area offers relatively lower rentals than traditional business hubs such as Bandra-Kurla Complex and Lower Parel, along with improving connectivity through road and rail networks. The presence of established commercial parks and business campuses has further strengthened its appeal.
Recent leasing activity in Navi Mumbai has shown steady traction, with several large occupiers securing sizeable spaces for technology and support functions. SBI's latest transaction adds to this momentum and reinforces the role of satellite business districts in meeting the growing space requirements of institutional tenants.
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