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State Bank of India (SBI) has acquired a commercial property at Kharadi Knowledge Park in Pune for INR 414 crore, comprising leasehold rights over an 8,581 sq m land parcel and outright ownership of a 15-storey commercial building. The property, acquired from Siddhivinayak Enterprises, includes around 1.84 lakh sq ft of built-up space and 200 car parking spaces. The transaction was registered on 14 August 2026 through a deed of assignment and attracted INR 28.98 crore in stamp duty. The acquisition is intended to provide premises for SBI’s Local Head Office for its Maharashtra Circle. The bank had invited bids in 2023 for ready-built premises in Kharadi, Viman Nagar or Baner for this purpose.
State Bank of India (SBI) has acquired a commercial property at Kharadi Knowledge Park in Pune for INR 414 crore, securing leasehold rights over the underlying land and outright ownership of a 15-storey commercial building for its Maharashtra Circle operations. The transaction was registered on 14 August, with Siddhivinayak Enterprises acting as the assignor and SBI as the assignee.
The property comprises leasehold rights over 8,581 sq m of land, equivalent to around 92,361 sq ft, along with a commercial building measuring approximately 17,078.56 sq m, or 1.84 lakh sq ft. The building consists of a basement, stilt and 15 floors and has 200 car parking spaces. Property registration documents accessed through real estate data analytics firm CRE Matrix showed that the transaction was completed through a deed of assignment.
The acquisition is intended to establish SBI’s Local Head Office (LHO) for its Maharashtra Circle. The bank had invited bids in April 2023 for acquiring ready-built premises for the purpose, with Kharadi, Viman Nagar and Baner identified as potential locations.
The underlying land remains on a leasehold arrangement, while SBI has acquired outright ownership of the building constructed on the plot. Maharashtra Industrial Development Corporation (MIDC) is the landowner, with the lease having previously been held by Siddhivinayak Enterprises before being transferred to SBI as part of the transaction.
The INR 414-crore consideration was paid in stages. According to transaction documents cited by Business Standard, SBI paid INR 41.4 crore in December 2023, followed by INR 289.8 crore in 2024 and the remaining INR 82.8 crore on 14 August 2026. The transaction attracted stamp duty of INR 28.98 crore.
Kharadi has emerged as one of Pune’s established commercial and office districts, with significant activity from technology companies, financial services firms and global capability centres. The acquisition gives SBI a sizeable owned commercial facility in an established business location.
The transaction comes against continued growth in Pune’s office market. The city recorded 6.4 million sq ft of gross office absorption in the first half of 2026, its highest half-yearly volume in the past decade and 56% higher year-on-year, according to Savills India data cited by Business Standard. Pune ranked as India’s second-largest office market after Bengaluru during the period, with demand led by IT-BPM, flexible workspaces and engineering and manufacturing occupiers.
The SBI acquisition therefore adds another sizeable institutional transaction to Pune’s commercial property market, while giving the public sector lender ownership of its proposed Maharashtra Circle office premises in Kharadi.
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