The largest lender in India, State Bank of India (SBI), has leased 134,000 square feet of office space in Newa Bhakti Knowledge City in the Airoli neighborhood of Navi Mumbai through the State Bank Global IT Center.
It has leased premises from Newa Technocity (India) Pvt Ltd to establish a six-story global capabilities center (GCC).
According to records obtained by the real estate data analytics firm Propstack, SBI will pay around ₹1.68 crore in rent each month for the duration of the five-year contract. The fees include the space’s interior fit-outs in addition to the rent. February saw the signing of the lease agreement. Renewal of the lease will result in a 15% increase in rent after five years.
SBI chairman Challa Sreenivasulu Setty opened the company’s global capability center in Bengaluru in January, claiming it was the first of its sort by any Indian bank. According to the center, SBI is committed to helping the expanding GCC ecosystem.
The State Bank of India (GITC) contract at Newa Bhakti Knowledge City highlights the Mumbai Metropolitan Region’s (MMR) ongoing preference for Airoli as a major location for global capability centers.
“This long-term commitment underscores the robust demand for high-quality IT infrastructure that can support large-scale digital banking operations,” said Raja Seetharaman, co-founder of Propstack.
He went on, “It is a strong indication that institutional tenants are selecting consolidated, ready-to-use buildings to achieve their technological goals.”
Mint’s questions went unanswered by an SBI representative.
Last year, Dow Chemicals International Pvt Ltd signed a ten-year lease for 179,000 square feet in Airoli’s Mindspace Business Park.
According to a recent research by property adviser JLL India, India’s GCC leasing activity reached a record 31 million square feet in 2025, with Bengaluru controlling a 34–39% market share through its more than 900 GCC.
Major banks, financial institutions, and multinational enterprises have fueled GCC activity in Mumbai, the nation’s economic hub, according to the research.
In the past two years, more than 200 GCC countries have opened offices in India, and estimates suggest that during the next three to four years, the GCC’s whole footprint will exceed 350 million square feet.
What is GCC Global Capability Centres?
Global Capability Centers (GCCs) are designed to leverage global talent pools and technological advancements to enhance organizational capabilities and drive business transformation.
