State Bank of India (SBI) has leased about 1.35 lakh sq ft of office space in Airoli to house its State Bank Global IT Centre, reinforcing the suburb’s growing role as a hub for global capability centres (GCCs).
The public sector lender has taken the space at Newa Bhakti Knowledge City, a commercial development owned by Newa Technocity (India) Private Limited. The fresh lease, which commenced on February 15, 2026, spans floors four to nine and covers a carpet area of 1,34,744 sq ft, according to property analytics firm Propstack.
SBI will be paying a monthly rent of about ₹125.05 for translating into a monthly outgo of approximately ₹1.68 crore. The rent includes fit-outs, indicating a plug-and-play setup aimed at speeding up occupancy and operational readiness. The lease tenure is five years, with a security deposit of ₹10.11 crore. The agreement provides for a 15 per cent escalation in rent after five years in case of renewal.
Raja Seetharaman, cofounder Propstack, shared that the lease of over 1.34 lakh sq. ft. at Newa Bhakti Knowledge City by State Bank of India (GITC) underscores the continued preference for Airoli as a primary hub for Global Capability Centers (GCCs) in the MMR. This long-term commitment, starting at a rent of approximately ₹125 per sq. ft. (inclusive of fit-outs), reflects the robust demand for high-quality IT infrastructure that can support large-scale digital banking operations. It is a clear indicator that institutional tenants are prioritising consolidated, ready-to-use spaces to drive their technological mandatesper sq ft.”
Airoli, located in the Navi Mumbai node of the Mumbai Metropolitan Region (MMR), is a rapidly developing, high-demand real estate micro-market, primarily driven by its position as a major IT/ITES hub.
Wipro Limited has recently leased a large office space at Mindspace SEZ, Airoli East (MIDC Industrial Area). Airoli has witnessed steady commercial leasing activity in recent months, and with recent deals the area is becoming attractive amid evolving workplace strategies across the Mumbai Metropolitan Region.
Published on February 27, 2026
