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SBI Leases Navi Mumbai Office for Global Center
27 Feb
Summary
- SBI leased 134,000 sq. ft office space in Navi Mumbai's Airoli.
- The monthly rent for the five-year lease is approximately ₹1.68 crore.
- This move supports India's growing Global Capability Centre ecosystem.
State Bank of India (SBI) has secured a significant office space of 134,000 sq. ft on lease in Navi Mumbai's Airoli, specifically at Newa Bhakti Knowledge City. This expansion is aimed at establishing a global capability centre.
The lease agreement, signed in February, spans five years with a monthly rent of around ₹1.68 crore, inclusive of interior fit-outs. Following this period, a 15% rent escalation is stipulated for any renewal. This development reinforces Airoli's position as a prime location for GCCs within the Mumbai Metropolitan Region, attracting institutional tenants prioritizing consolidated, ready-to-use spaces for technological mandates.
This strategic move by SBI, following the inauguration of its first global capability centre in Bengaluru in January, highlights its dedication to supporting India's expanding GCC ecosystem. The nation's GCC leasing activity reached a record 31 million sq. ft in the previous year, with Mumbai experiencing substantial growth driven by financial institutions and multinational corporations.
