State Bank of India Leases Office Space in Navi Mumbai for Global Corporate Center

State Bank of India (SBI) Leases 134,000 Sq. Ft of Office Space in Navi Mumbai

Key Highlights:

• SBI has leased 134,000 sq. ft of office space at Newa Bhakti Knowledge City in Navi Mumbai's Airoli locality.
• The leased space will be used to set up a global capability centre (GCC) spread across six floors.
• The monthly rent for the five-year lease tenure is approximately ₹1.68 crore, including rent and interior fit-outs.
• The lease transaction was signed in February and includes a 15% escalation in rent after five years if the lease is renewed.

Market Insights:

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• The lease by SBI underscores the preference for Airoli as a primary hub for global capability centres in the Mumbai Metropolitan Region (MMR).
• The long-term commitment reflects the robust demand for high-quality IT infrastructure to support large-scale digital banking operations.
• Institutional tenants are prioritizing consolidated, ready-to-use spaces to drive their technological mandates.

Sector Trends:

• India's global capability centre (GCC) leasing activity hit a record 31 million sq. ft in 2025.
• Bengaluru commanded a 34-39% market share through its over 900 GCCs.
• Over 200 GCCs have entered India in the last two years, with projections indicating that the total GCC footprint will surpass 350 million sq. ft in the next three to four years.