SBI leases Navi Mumbai office space for GCC
Bengaluru: India’s largest lender, State Bank of India (SBI), through State Bank Global IT Centre, has leased 134,000 sq ft of office space at Newa Bhakti Knowledge City in Airoli area of Navi Mumbai.
It has leased the space from Newa Technocity (India) Pvt Ltd. to set up a global talent center (GCC) spread across six floors.
SBI will pay roughly ₹According to documents accessed by real estate data analytics platform Propstack, the monthly rent for the five-year lease period is 1.68 crore. Fees include rent plus internal arrangements of the space. The lease agreement was signed in February. If the lease is renewed, there will be a 15 percent increase in rent after five years.
In January, SBI chairman Challa Sreenivasulu Setty inaugurated the global talent center in Bengaluru and later said it was the first of its kind by any Indian bank. It was stated that the center underlines SBI’s commitment to supporting the growing Gulf Cooperation Council ecosystem.
“The leasing of Newa Bhakti Knowledge City by State Bank of India (GITC) underlines Airoli’s continued preference as the primary hub for global talent hubs in MMR (Mumbai Metropolitan Region). This long-term commitment reflects the strong demand for high-quality IT infrastructure that can support large-scale digital banking operations,” said Raja Seetharaman, co-founder of Propstack.
“This is a clear indication that enterprise tenants are prioritizing consolidated, ready-to-use spaces to meet their technology imperatives,” he added.
SBI spokesperson did not respond mint questions.
Last year, Dow Chemicals International Pvt Ltd leased 179,000 sq ft space in Airoli’s Mindspace Business Park for a period of ten years.
India’s GCC leasing activity will reach a record level of 31 million sq ft in 2025, while Bengaluru has a market share of 34-39% with over 900 GCCs, it said.
The report stated that Mumbai, the commercial capital of the country, is witnessing Gulf Cooperation Council activities driven by major banks, financial institutions and multinational companies.
More than 200 GCCs have entered India in the last two years and estimates suggest that the total GCC footprint will exceed 350 million square feet in the next three to four years.
