SBI Share Price in Focus: Bank Leases 1.34 Lakh Sq Ft in Navi Mumbai for ₹1.68 Crore Monthly Rent

SBI, through its State Bank Global IT Centre, has entered a 5-year lease for a large office complex in Airoli, Navi Mumbai, to house its Global Capability Centre (GCC) following the recent Bengaluru launch. 

Details of the Navi Mumbai Lease Agreement 

The bank signed a 5-year lease for 1,34,000 sq ft across floors 4 to 9 of Newa Bhakti Knowledge City. The monthly rent is set at ₹1.68 crore, equating to ₹125.05 per sq ft inclusive of fit outs. An upfront deposit of ₹10.11 crore was also paid. 

Rent Structure and Deposit Paid for the Space 

The agreement includes a rent escalation of 15% after the initial term should the lease be renewed. The deposit represents roughly six months of rent, providing the landlord with financial assurance. 

Read More: SBI Life Partners with Sarvam to Power Smarter Services for 8 Crore Policyholders! 

Comparison With Bengaluru GCC Initiative Launched Earlier 

In March, SBI opened its first Indian bank GCC in Bengaluru, a city that now hosts over 900 GCC units and accounts for roughly 36% of national GCC activity. The Navi Mumbai move diversifies SBI’s geographic presence beyond the South Indian hub. 

Implications for IT Infrastructure Demand in Mumbai Region 

Commentators note that the lease underlines Airoli’s growing appeal as a primary GCC hub within the Mumbai Metropolitan Region. The substantial rent reflects strong demand for ready to use, high‑quality IT office environments that support large‑scale digital banking operations. 

Geographic Preference for Airoli as a Primary GCC Hub 

Propstack co-founder Raja Seetharaman highlighted that the 1,34,000 sq ft commitment reinforces institutional tenants’ focus on Airoli for consolidated technology centres, driven by proximity to key transport links and a mature commercial ecosystem. 

State Bank of India Share Price Performance  

As of February 27, 2026, at 3:30 PM, State Bank of India share price on NSE was closed at ₹1,201.70 down by 0.64% from the previous closing price. 

Conclusion 

SBI’s 5-year lease of 1,34,000 sq ft in Navi Mumbai adds a significant GCC footprint alongside its Bengaluru centre, signalling confidence in India’s specialised office markets and the continued need for robust digital banking infrastructure. 

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