The public sector lender has taken over the space in Newa Bhakti Knowledge City, a commercial development owned by Newa Technocity (India) Private Limited. The new lease, which commenced on February 15, 2026, covers floors four to nine and covers a carpet area of 1,34,744 square meters, according to property analytics firm Propstack.
SBI pays a monthly rent of about ₹125.05 for a monthly expenditure of about ₹1.68 crore. The rental price includes fit-outs, which indicates a plug-and-play setup aimed at accelerating occupancy and operational readiness. The lease term is five years, with a security deposit of ₹10.11 crore. The agreement provides for a 15 percent rent increase after five years upon renewal.
Raja Seetharaman, co-founder Propstack, said that the lease of over 1.34 lakh sq. ft. at Newa Bhakti Knowledge City by State Bank of India (GITC) underlines the continued preference for Airoli as the primary hub for Global Capability Centers (GCCs) in the MMR. This long-term commitment, starting from a rental price of approximately ₹125 per sq ft (including furnishings), reflects the robust demand for high-quality IT infrastructure that can support large-scale digital banking operations. It is a clear indication that institutional tenants are prioritizing consolidated, turnkey spaces to increase their technology mandates per square foot.”
Located in the Navi Mumbai hub of the Mumbai Metropolitan Region (MMR), Airoli is a fast-developing, in-demand real estate micro market, mainly driven by its position as a major IT/ITES hub.
Wipro Limited recently leased a large office space in Mindspace SEZ, Airoli East (MIDC Industrial Area). Airoli has been witnessing steady commercial leasing activity in recent months, and with recent deals, the area is becoming attractive amidst the changing workplace strategies in the Mumbai Metropolitan Region.
Published on February 27, 2026
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