CRISIL inks nearly ₹600 crore lease for 2.5 lakh sq ft of corporate office space in Mumbai’s Powai for about 15 years

In one of Mumbai’s biggest office deals, CRISIL will occupy space on the 10th to 15th floors in a building named Hiranandani Lightbridge in Powai

Credit rating agency CRISIL Limited has signed a 15-year lease agreement for approximately 2.5 lakh sq ft of office space, valued at ₹597 crore, in Hiranandani Lightbridge, located in the Saki Vihar area of Powai, Mumbai, according to property registration documents accessed by Propstack.

Credit rating agency CRISIL Limited has signed a 15-year lease agreement for approximately 2.5 lakh sq ft of office space, valued at ₹597 crore. (Picture for representational purposes only) (Pixabay)

The deal is among the largest commercial real estate transactions in Mumbai this year. According to the documents, the lease is a new agreement with landlords Nathan Properties Pvt. Ltd. and Gamma Construction Pvt. Ltd (part of the Hiranandani Group and the House of Hiranandani Group).

The lease is scheduled to commence from August 31, 2025, and the company will occupy space on the 10th to 15th floors in the Lightbridge building. According to local brokers, the building is already home to large corporations in Mumbai’s eastern suburbs.

The leased premises will serve as CRISIL’s new corporate office, currently known as CRISIL House, brokers said.

Under the agreement, Crisil will pay a monthly rent of ₹2.35 crore, equivalent to ₹94 per square foot per month. Over the 15-year tenure, the total rent outgo is expected to reach ₹597.3 crore, excluding maintenance and taxes. The lease also includes a 4.77% annual escalation, according to the agreement.

Crisil has also deposited a security amount of ₹38.2 crore for the transaction registered on October 6, 2025.

The space has been leased, along with 250 car parking spaces and 75 two-wheeler parking spaces, according to the documents.

Saki Vihar, situated between Powai and Andheri East, has experienced significant growth in the commercial leasing segment over the past few years. The area’s proximity to the Western and Eastern Express Highways, JVLR (Jogeshwari-Vikhroli Link Road), and the upcoming Metro Line 6 has enhanced its accessibility, attracting financial institutions, technology firms, and consulting companies.

An email query sent to CRISIL, and Nathan Properties Pvt Ltd did not get any response. The story will be updated if a response is received.

However, Hiranandani Group confirmed the transaction.

“We are pleased to announce the successful conclusion of a long-term lease with CRISIL for office space in our newly developed commercial tower at Saki Vihar, Powai. This renewed commitment reinforces the enduring trust in the Hiranandani brand and reflects rising demand for high-quality, well-designed workspaces that address evolving business and human-capital needs,” said, Niranjan Hiranandani, Chairman, Hiranandani Group.

"The transaction also underscores the positive momentum in the Powai commercial real estate market, driven by improving infrastructure and last-mile connectivity. Powai continues to demonstrate strong occupancy levels and competitive rental growth, offering attractive returns on investment while providing occupiers with operational advantages through seamless connectivity and modern amenities," Hiranandani said.

Old office space leased by a co-working space

In a related development, flexible workspace operator CoWrks India Pvt Ltd has signed a new lease agreement for 1.76 lakh sq ft at One Downtown Central, formerly known as Crisil House in Powai, Mumbai.

According to data sourced from Propstack, a lease has been signed with Kairos Properties Pvt Ltd, the property owner, and is set to commence on September 1, 2025.

The leased space spans floors G and 3 to 9 of the Grade-A commercial building, which is strategically located in Mumbai’s Powai business district, a hub for technology, finance, and consulting firms. The company will pay a monthly rent of ₹3.88 crore, at a rate of ₹220 per sq ft, and has paid a security deposit of ₹23.33 crore.

The lease tenure is for a short duration of seven months, as it was specifically executed for the purpose of fit-outs. During this period, CoWrks will carry out extensive interior and infrastructural fit-outs to prepare the premises for its managed office services, which typically include fully furnished, serviced workspaces designed for enterprise clients and corporates, according to Propstack.