Wipro leases 145K sq ft office in Navi Mumbai's Mindspace SEZ for 5 years

Wipro has leased approximately 1.45 lakh square feet of office space in Navi Mumbai, a part of the Mumbai metropolitan region (MMR), for five years. The monthly rent for the premises is pegged at Rs 97.25 lakh (Rs 67 per square foot per month).

 

According to the transaction-related documents accessed via CRE Matrix, a real estate data analytics firm, the space is located in Mindspace SEZ, Airoli East MIDC Industrial Area in Navi Mumbai. Mindspace Business Parks is the lessor for the deal. 

 

The lease has been signed with the handover scheduled on January 7, 2026, while the rent will commence from April 1, 2026, following a rent-free period of 84 days. The agreement includes a lock-in period of 36 months, with both rent and security deposit set to escalate by 5 per cent annually. 

 

 

In addition, common area maintenance (CAM) charges have been fixed at Rs 12 per sq ft per month, and Wipro will get 97 car parking spaces in the deal. The Indian multinational technology firm has also paid Rs 5.83 crore as a security deposit for the space.

 

Earlier, in June, Wipro leased 3.87 lakh square feet of office space at Mindspace Business Park in MMR for a tenure of 10 years at a monthly rent of almost Rs 2.5 crore (Rs 64 per square foot per month) in addition to its existing Navi Mumbai footprint of 3.45 lakh square feet of office space in Mindspace Business Park. 

 

Mindspace Airoli East is spread across an area of 50.1 acres. 4.7 million square feet (msf) of the project have been developed with a total leasable area of 6.8 msf. According to Mindspace Business Parks’ website, Mindspace Airoli East is the largest business park in the Mumbai Region and has transformed the commercial office space in the Thane-Belapur Road micro market.

 

The business park is also a part of the portfolio of K Raheja-backed Mindspace Business Parks real estate investment trust (Reit). 

 

Office space signings continue to rise despite IT layoffs and tariff tensions. The Indian office market across the top seven cities hit an all-time high net absorption of 55.16 million square feet (msf) in 2025, up 10 per cent year-on-year, driven by strong economic growth and global capability centre demand, according to Anarock. Absorption in MMR rose 15 per cent YoY to 8.23 msf.