SBI acquires commercial property in Pune’s Kharadi for Rs 414 crore

MUMBAI: State Bank of India (SBI), the country’s largest public sector lender, has acquired a commercial property including a prime land parcel and a building, in Pune’s Kharadi area for Rs 414 crore, in one of the largest office asset transactions concluded by a bank.

The deal involves assignment of leasehold rights over 2.12 acres of land at Kharadi Knowledge Park, along with outright ownership of around 1.84 lakh sq ft commmercial building constructed on the plot.

The building comprises a basement, stilt and 15 floors and has 200 car parking spaces.


The property was acquired from Siddhivinayak Enterprises through a deed of assignment, according to property registration documents accessed through CRE Matrix, a realty data analytics platform. The transaction attracted stamp duty of Rs 28.98 crore.

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The acquisition gives SBI ownership of the building while the underlying land is held on a leasehold basis.

Kharadi has emerged as one of Pune’s prominent commercial and office hubs, with a significant concentration of technology companies, financial services firms and global capability centres. The micro-market has also seen continued development of large office and mixed-use projects over the past decade.

The transaction comes amid continued demand for quality office space in Pune’s established commercial corridors, particularly from technology and financial services companies.

For SBI, the acquisition provides a sizeable owned commercial facility in an established business location.

ET’s email query to SBI remained unanswered until the time of going to press.

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India’s office property market has continued to expand, supported by sustained occupier demand across major commercial centres. Office leasing reached a record 86.4 million sq ft in 2025, with Bengaluru, Delhi-NCR, Mumbai, Hyderabad and Pune accounting for a significant share of overall activity.

Demand has broadened beyond traditional technology occupiers, with global capability centres, financial services companies and flexible workspace operators emerging as key sources of leasing. Banks and other financial institutions are also increasingly active in the market, both as occupiers and buyers of office assets, as they expand their branch, back-office and corporate office footprints.