Wipro leases 3.87 lakh sq ft in Mindspace Business Park in Navi Mumbai's Airoli for 10 years

Mumbai real estate: The new lease marks an expansion of Wipro’s existing footprint in Mindspace Business Parks, where it already occupies 3.45 lakh sq ft

IT major Wipro Limited has expanded its presence by leasing 3.87 lakh sq ft of commercial space in Mindspace Business Parks, Airoli, near Mumbai, at a monthly rent of ₹2.47 crore, according to property registration documents accessed by Propstack.

IT major Wipro Limited has expanded its presence by leasing 3.87 lakh sq ft of commercial space in Mindspace Business Parks, Airoli, near Mumbai, at a monthly rent of ₹2.47 crore. (Picture for representational purposes only)(HT Files)

The new lease expands Wipro’s existing footprint in the business park, where it currently occupies 3.45 lakh sq ft.

The agreement, signed with Mindspace Business Parks Private Limited, commenced on July 31, 2024, and is valid for 10 years (120 months), according to the documents.

According to the documents, Wipro will occupy eight floors (4th to 11th) in the building, with a carpet area of 270,949 sq ft and a chargeable area of 387,072 sq ft.

Documents show that the lease has been locked in at a monthly rental rate of Rs. 64 per sq ft, bringing the total monthly rent to approximately ₹2.48 crore. A security deposit of Rs. 14.86 crore and an annual rental escalation of 5% are also included.

The lease agreement in the form of two transactions was registered on May 21, 2025, for which a stamp duty of nearly ₹13 lakh was paid and a registration fee of ₹60,000, the documents show.

An email query has been sent to Mindspace Business Parks REIT and Wipro Limited. If a response is received, the story will be updated.

Other companies having a presence in Mindspace Business Parks

Mindspace Business Parks in Airoli, Navi Mumbai, is home to several prominent domestic and international companies in sectors like IT, consulting, healthcare tech, and financial services.

Some of the key occupiers include Wipro, L&T Infotech (LTI), LTI–Mindtree, Accenture, Cognizant, IBM India, CRISIL (a subsidiary of S&P Global), Axis Bank, Capgemini India, among several others.