State Bank of India has leased 1.34 lakh square feet of office space in Airoli, Navi Mumbai, for its Global Capability Centre, marking one of the larger commercial transactions in the micro-market this year.
According to documents accessed by Propstack, the space has been taken on a five-year lease at a monthly rental of ₹1.68 crore. The premises are located at Newa Bhakti Knowledge City and span the ground floor along with the fourth to ninth floors. The property has been leased from Newa Technocity India Private Limited.
The agreed lease rent stands at ₹125.05 per square foot per month, taking the total payout to ₹1.68 crore, inclusive of rent and fit-out costs. The agreement carries a 15 percent escalation clause at the time of renewal after five years. The bank has also deposited ₹10.11 crore as security, as per the registration records.
This transaction adds to SBI’s recent real estate activity in Mumbai. In 2024, SBI Funds Management Ltd acquired two commercial office units in Bandra Kurla Complex for ₹103 crore. The units, measuring 15,176 square feet in total, were purchased at ₹67,870 per square foot.
Earlier, in 2021, actors Amitabh Bachchan and Abhishek Bachchan leased the ground floor of their Vatsa and Ammu bungalows in Juhu to SBI for 15 years at a monthly rent of ₹18.9 lakh.
With the Airoli lease, SBI strengthens its presence in Navi Mumbai’s growing commercial corridor.
Posted By
Ruchi Mane
info@houssed.com
Ruchi Mane is the Senior Editor at Houssed, leading the platform’s real estate news coverage. She tracks trends in India’s luxury property market while overseeing editorial strategy, PR outreach, and social media communication.