Indian IT giant Wipro Ltd. has significantly expanded its presence in Mindspace Business Park, Airoli, by leasing 3.87 lakh sq ft of premium office space at a monthly rent of ₹2.47 crore, according to property registration documents accessed by Propstack.
The lease agreement, signed with Mindspace Business Parks Private Limited, commenced on July 31, 2024, and spans a 10-year term with a 5% annual rental escalation. Wipro will occupy eight floors (4th to 11th) in the building, with a carpet area of 2.71 lakh sq ft and a chargeable area of 3.87 lakh sq ft.
🏢 Strategic Expansion Amid Hybrid Work Trends
This move reinforces Wipro’s long-term commitment to the Mumbai office market, especially as IT firms recalibrate workplace strategies in the hybrid era. The company already occupies 3.45 lakh sq ft in another building within the same business park, bringing its total footprint in Mindspace Airoli to over 7.3 lakh sq ft.
💼 Deal Highlights
- Monthly Rent: ₹2.47 crore (₹64 per sq ft)
- Security Deposit: ₹14.86 crore
- Lease Tenure: 10 years with a 3-year lock-in for Wipro
- Stamp Duty & Registration: ₹13 lakh and ₹60,000 respectively
- Developer: K Raheja Corp-backed Mindspace Business Parks REIT
🌐 Airoli: A Thriving Commercial Hub
Mindspace Airoli is home to several marquee tenants including Accenture, IBM, L&T Infotech, Cognizant, Capgemini, and Axis Bank, making it one of Navi Mumbai’s most sought-after IT SEZs.
Stay tuned for updates on India’s commercial real estate trends.
