In a major commercial real estate development, IT services giant Wipro Limited has expanded its office presence in Mindspace Business Parks, Airoli, by leasing 3.87 lakh sq ft of premium commercial space. The lease, valued at a monthly rental of approximately ₹2.47 crore, marks a significant boost in Wipro’s long-term growth strategy in the Mumbai Metropolitan Region.
The transaction underscores Navi Mumbai’s evolving prominence as a top-tier IT and commercial hub, driven by sustained interest from technology and financial service firms.
🏢 Key Details of the Lease Agreement
- Location: Mindspace Business Parks, Airoli, Navi Mumbai
- Total Leased Area:
- Carpet Area: 2,70,949 sq ft
- Chargeable Area: 3,87,072 sq ft
- Floors Occupied: 4th to 11th (eight floors)
- Monthly Rent: ₹2.47 crore (approx. ₹64 per sq ft)
- Lease Duration: 10 years (120 months)
- Security Deposit: ₹14.86 crore
- Rental Escalation: 5% annually
- Registration Date: May 21, 2025
- Commencement Date: July 31, 2024
- Stamp Duty Paid: ₹13 lakh
- Registration Fee: ₹60,000
This expansion comes in addition to Wipro’s current 3.45 lakh sq ft occupancy within the same business park, bringing its total footprint to over 7.3 lakh sq ft at Mindspace Airoli.
🧩 Why Mindspace Airoli?
Mindspace Business Parks, operated by Mindspace Business Parks REIT, is a premier commercial destination in Navi Mumbai. The location is home to numerous high-profile firms across IT, finance, healthcare, and consulting sectors.
🏙️ Notable Tenants at Mindspace Airoli:
- L&T Infotech (LTI) & LTI–Mindtree
- Accenture
- Cognizant
- IBM India
- CRISIL (S&P Global)
- Axis Bank
- Capgemini India
Its strategic location, proximity to Mumbai, and Grade-A infrastructure continue to attract big-league corporate occupiers.
📊 Quick Highlights Table
| Parameter | Details |
|---|---|
| Total Area Leased | 3.87 lakh sq ft |
| Monthly Rent | ₹2.47 crore |
| Lease Duration | 10 years |
| Floors Occupied | 4th to 11th |
| Rental Escalation | 5% annually |
| Security Deposit | ₹14.86 crore |
| Registration Date | May 21, 2025 |
| Commencement Date | July 31, 2024 |
📢 Awaiting Official Comments
An official response has been sought from Wipro Limited and Mindspace Business Parks REIT regarding the deal. Updates will be shared as and when comments are received.
❓ FAQ Section
Q1. How much space has Wipro leased at Mindspace Airoli?
Wipro has leased 3.87 lakh sq ft of commercial office space, adding to its existing 3.45 lakh sq ft.
Q2. What is the total monthly rent Wipro will pay?
The monthly rent amounts to approximately ₹2.47 crore, at ₹64 per sq ft.
Q3. What is the duration of the lease agreement?
The lease has a term of 10 years (120 months) starting from July 31, 2024.
Q4. Is there an annual rent escalation clause?
Yes, the lease includes a 5% annual rental escalation.
Q5. Who are the other major tenants at Mindspace Airoli?
Some notable companies include Accenture, IBM India, Axis Bank, Cognizant, Capgemini, and LTI–Mindtree.