Bengaluru: India’s largest lender State Bank of India (SBI), through State Bank Global IT Centre, has taken up 134,000 sq. ft of office space on lease at Newa Bhakti Knowledge City, in Navi Mumbai’s Airoli locality.
It has leased the space to set up a global capability centre (GCC), spread across six floors, from Newa Technocity (India) Pvt Ltd.
SBI will pay roughly ₹1.68 crore in monthly rent for the five-year lease tenure, as per documents accessed by real estate data analytics platform Propstack. The charges include rent plus interior fit-outs for the space. The lease transaction was signed in February. If the lease is renewed, there will be a 15% escalation in rent after five years.
In January, SBI chairman Challa Sreenivasulu Setty inaugurated its global capability centre in Bengaluru, which it then said was a first-of-its-kind initiative by any Indian bank. The centre underscores SBI’s commitment to support the growing GCC ecosystem, it said.
“The lease at Newa Bhakti Knowledge City by State Bank of India (GITC) underscores the continued preference for Airoli as a primary hub for global capability centres in the MMR (Mumbai Metropolitan Region). This long-term commitment reflects the robust demand for high-quality IT infrastructure that can support large-scale digital banking operations,” said Raja Seetharaman, co-founder, Propstack.
“It is a clear indicator that institutional tenants are prioritizing consolidated, ready-to-use spaces to drive their technological mandates,” he added.
An SBI spokesperson didn’t respond to Mint’s queries.
Last year, Dow Chemicals International Pvt Ltd leased 179,000 sq. ft in Airoli’s Mindspace Business Park for a ten-year period.
India’s GCC leasing activity hit a record 31 million sq ft in 2025, with Bengaluru commanding a 34-39% market share through its over 900 GCC, a recent report by property advisory JLL India said.
Mumbai, the country’s commercial capital, has witnessed GCC activity driven by major banks, financial institutions, and multi-national corporations, the report added.
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.
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