SBI Buys 1.84 Lakh Sq Ft Office Building in Pune's Kharadi for ₹414 Crore to House Maharashtra Circle HQ
State Bank of India has just made one of the more sizeable commercial real estate moves seen in Pune this year, picking up a large office property in Kharadi to house its Maharashtra Circle headquarters. For a city that has already been posting record breaking office leasing numbers through 2026, this acquisition adds another data point to a genuinely busy year. Here is what the deal actually involves.
The Core Transaction
According to documents accessed through CRE Matrix, a real estate data analytics platform, SBI has taken over leasehold rights to an 8,581 square metre land parcel at Kharadi Knowledge Park, roughly 2.12 acres, along with outright ownership of the commercial building already standing on it. The registered transaction, dated August 14, 2026, values the entire deal at 414 crore rupees.
What the Building Actually Offers
The building itself is no small structure. It comprises a basement, a stilt level, and fifteen floors above that, with a built up area of approximately 1.84 lakh square feet based on the latest occupancy certificate issued by the Maharashtra Industrial Development Corporation earlier this year. Two hundred car parking spaces come bundled into the transaction as well, a meaningful addition given how tight parking availability tends to get around established office corridors.
A Deal Paid Out in Stages
Interestingly, payment for this acquisition was not made in one lump sum. SBI reportedly paid 41.4 crore rupees back in December 2023, followed by a larger tranche of 289.8 crore rupees through 2024, and finally settled the remaining 82.8 crore rupees on the registration date this August. That staggered structure suggests the deal was negotiated and progressed over nearly three years before formally closing.
Who Sold the Property
The seller in this transaction was Siddhivinayak Enterprises, which executed the deed of assignment handing over both the leasehold land rights and the building to the bank. Stamp duty on the transaction came to 28.98 crore rupees, a figure that gives some sense of the scale involved once statutory charges are factored in.
Why SBI Chose Kharadi
This acquisition has been in the works for a while, in a sense. SBI had originally floated bids back in April 2023 specifically looking for ready built premises in Kharadi, Viman Nagar, or Baner to house its Local Head Office for the Maharashtra Circle. Kharadi ultimately won out, likely thanks to its established reputation as one of Pune's premier commercial and IT hubs.
Making Sense of the Per Square Foot Math
A simple back of the envelope calculation, dividing the total consideration by the land area, works out to roughly 44,800 rupees per square foot of land. That figure, however, is somewhat misleading on its own, since the transaction bundles both the leasehold land rights and outright ownership of a fully built fifteen storey structure rather than reflecting a pure land valuation.
Kharadi's Growing Commercial Pull
Kharadi has spent the last several years cementing its status as one of Pune's most sought after business districts, drawing IT firms, financial institutions, and now a public sector banking giant into its fold. The area's pull has only strengthened as Pune's broader office market posted its strongest half yearly performance in a decade earlier this year, with gross absorption crossing 6.4 million square feet in the first six months of 2026 alone.
What This Means Going Forward
For SBI, owning rather than leasing its Maharashtra Circle office carries obvious long term advantages, insulating the bank from future rental escalations and giving it full control over a strategically located asset. For Kharadi and Pune's commercial real estate market more broadly, a transaction of this scale involving a public sector banking major reinforces the locality's growing credibility among large institutional occupiers.
Summary
SBI's 414 crore rupee acquisition in Kharadi Knowledge Park gives the bank outright ownership of a 1.84 lakh square foot building along with leasehold rights over roughly two acres of land, securing a permanent base for its Maharashtra Circle operations. The deal, finalised after nearly three years of staggered payments, underscores both SBI's long term commitment to Pune and Kharadi's continued rise as one of the city's most valuable commercial addresses.
