SBI Buys Pune Property for ₹414 Cr Maharashtra Circle Office

State Bank of India (SBI) has successfully acquired a substantial property in Pune for ₹414 crore, designated to serve as its Local Head Office (LHO) for the Maharashtra Circle. This strategic purchase positions the bank in a key commercial hub within Pune, formalizing a significant expansion of its operational footprint.

Key Details of the Acquisition

• The property includes leasehold rights to an 8,581-square-metre land parcel.
• It encompasses outright ownership of a 15-storey building.
• The deal also provides 200 dedicated car parking spaces.
• The building’s total built-up area measures 17,101.23 square metres, as confirmed by an occupancy certificate.

The Maharashtra Industrial Development Corporation (MIDC) issued the occupancy certificate for the premises in January 2026. The deed of assignment for this substantial acquisition was officially registered on August 14, 2026, incurring a stamp duty of ₹28.98 crore.

Financial Breakdown of the Purchase

• An initial payment of ₹41.4 crore was made in December 2023.
• A subsequent installment of ₹289.8 crore followed in 2024.
• The final payment of ₹82.8 crore was processed on August 14, 2026, completing the total consideration.

This acquisition stems from an invitation for bids issued by SBI in April 2023, specifically seeking ready-built premises in areas such as Kharadi, Viman Nagar, or Baner. The bank’s move underscores its commitment to strengthening its presence in the region.

Pune’s Growing Office Market

The decision to invest in Pune aligns with the city’s robust office market performance. Pune recorded its highest half-yearly gross office space absorption in a decade during the first half of 2026.

This growth has established Pune as India’s second-largest office market, following Bengaluru. Key drivers for this expansion include the IT-BPM, flexible workspaces, and engineering & manufacturing sectors, indicating a dynamic economic environment for SBI’s new operational base.