Bengaluru: India’s largest lender State Financial institution of India (SBI), by way of State Financial institution International IT Centre, has taken up 134,000 sq. ft of workplace house on lease at Newa Bhakti Information Metropolis, in Navi Mumbai’s Airoli locality.
It has leased the house to arrange a worldwide functionality centre (GCC), unfold throughout six flooring, from Newa Technocity (India) Pvt Ltd.
SBI pays roughly ₹1.68 crore in month-to-month hire for the five-year lease tenure, as per paperwork accessed by actual property knowledge analytics platform Propstack. The fees embrace hire plus inside fit-outs for the house. The lease transaction was signed in February. If the lease is renewed, there might be a 15% escalation in hire after 5 years.
In January, SBI chairman Challa Sreenivasulu Setty inaugurated its international functionality centre in Bengaluru, which it then stated was a first-of-its-kind initiative by any Indian financial institution. The centre underscores SBI’s dedication to assist the rising GCC ecosystem, it stated.
“The lease at Newa Bhakti Information Metropolis by State Financial institution of India (GITC) underscores the continued choice for Airoli as a main hub for international functionality centres within the MMR (Mumbai Metropolitan Area). This long-term dedication displays the strong demand for high-quality IT infrastructure that may assist large-scale digital banking operations,” stated Raja Seetharaman, co-founder, Propstack.
“It’s a clear indicator that institutional tenants are prioritizing consolidated, ready-to-use areas to drive their technological mandates,” he added.
An SBI spokesperson did not reply to Mint’s queries.
Final yr, Dow Chemical compounds Worldwide Pvt Ltd leased 179,000 sq. ft in Airoli’s Mindspace Enterprise Park for a ten-year interval.
India’s GCC leasing exercise hit a document 31 million sq ft in 2025, with Bengaluru commanding a 34-39% market share by way of its over 900 GCC, a latest report by property advisory JLL India stated.
Mumbai, the nation’s business capital, has witnessed GCC exercise pushed by main banks, monetary establishments, and multi-national firms, the report added.
Over 200 GCCs have entered India within the final two years, with projections indicating that the full GCC footprint will surpass 350 million sq. ft within the subsequent three to 4 years.