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SBI leases 134,000 sq ft of office space in Navi Mumbai for its GCC

Last month, SBI set up a GCC in Bengaluru marking a first-of-its-kind initiative by an Indian bank

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Prachi Pisal Mumbai

2 min read Last Updated : Feb 27 2026 | 5:01 PM IST

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State Bank of India (SBI), through State Bank Global IT Centre, the central technology hub of SBI, has leased approximately 134,000 square feet of office space in Airoli, Navi Mumbai, at a monthly rent of Rs 1.68 crore (Rs 125.05 per square foot) for a five-year term to house its Global Capability Centre (GCC).

According to the lease-related documents accessed via Propstack, a real estate data analytics firm, the space is spread across floors 4, 5, 6, 7, 8 and 9 of Newa Bhakti Knowledge City, Airoli. SBI has paid a deposit of Rs 10.11 crore. The rent will escalate by 15 per cent after five years in case of renewal.

Raja Seetharaman, co-founder, Propstack, said, “The lease of over 1.34 lakh square feet at Newa Bhakti Knowledge City by State Bank of India (GITC) underscores the continued preference for Airoli as a primary hub for GCCs in the Mumbai metropolitan region (MMR).”

Email queries sent to SBI are yet to be answered.

“This long-term commitment, starting at a rent of approximately Rs 125 per square foot (inclusive of fit-outs), reflects the robust demand for high-quality information technology (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 mandates,” Seetharaman added.

Last month, SBI set up a GCC in Bengaluru, marking a first-of-its-kind initiative by an Indian bank. Bengaluru commands a 34-39 per cent share of the overall GCC activity by now hosting over 900 GCC units, making it the undisputed leader with a diversified base across technology, engineering and research and development (ER&D), and banking, financial services and insurance (BFSI), according to JLL, a real estate consultancy firm.

India’s GCC leasing activity reached a record 31 million square feet in 2025, reflecting the evolution of a sophisticated ecosystem of specialised metropolitan hubs, each commanding distinct competitive advantages across critical industry verticals, JLL noted.