Move reinforces Navi Mumbai’s growing appeal as a BFSI and technology back-office hub.

State Bank of India Leases 1.35 Lakh Sq Ft Office Space in Navi Mumbai.

India’s largest lender, State Bank of India, has leased approximately 1.35 lakh sq ft of Grade A office space in Navi Mumbai to establish its State Bank Global IT Centre. The office, situated in Airoli, covers six floors—4th to 9th—at Newa Bhakti Knowledge City. The lease is for 60 months, starting from 15th February, at a rent of Rs 125.05 per sq ft per month, amounting to a monthly expenditure of over Rs 1.68 crore. The rent includes fit-out costs, facilitating faster operational readiness and reducing initial expenses. SBI has also paid a security deposit of roughly Rs 10.11 crore, with a 15% rent increase after five years upon renewal, according to documents obtained via Propstack. This transaction underscores continued demand for Navi Mumbai’s office market, driven by competitive rents, enhanced connectivity, and large floor plates, particularly among BFSI and technology tenants.