MUMBAI: India’s largest lender State Bank of India has acquired around 135,000 lakh ft of office space across a total of six floors of a commercial tower in Navi Mumbai’s Airoli area through a long-term lease to house its global IT centre.The agreed rental price is Rs 125.05 per sq ft per month, which translates into a monthly outlay of over Rs 1.68 crore. The rental price includes furnishings, indicating that the space will be delivered ready to use, reducing upfront capital expenditure and accelerating operational readiness.
As part of the agreement, the bank has deposited a security amount of around Rs 10.11 crore. The lease provides for a 15% rental increase after the initial five-year term, applicable in case of renewal, with documents accessible through Propstack, a real estate data analytics platform.
The lease, which takes effect on February 15, is a new agreement for a term of 60 months. The bank has acquired office space in Newa Bhakti Knowledge City, a commercial development of Newa Technocity (India).The property will serve as the base for the bank’s State Bank Global IT Center, underscoring the lender’s continued investments in technology and back-end operations.
The lease, which takes effect on February 15, is a new agreement for a term of 60 months. SBI has leased offices on 4th, 5th, 6th, 7th, 8th and 9th floors with a total carpet area of ​​1,34,744 sq ft. The taxable area was not specified in the agreement.
ET’s email query to SBI remained unanswered till the time of going to press.
The transaction highlights the continued demand for premium office buildings in Navi Mumbai, especially from domestic occupiers setting up or expanding GCCs.
The satellite city has emerged as one of the preferred destinations for technology and BFSI back-office operations due to its relatively competitive leasing compared to Mumbai’s core markets, improving connectivity and availability of large contiguous floor plates.
With this transaction, SBI joins a growing number of financial services and technology companies consolidating their operations in this micro market, strengthening its position as a major commercial center in the Mumbai Metropolitan Region.
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