Information technology services leader Wipro has secured a significant office space of 1.45 lakh sq ft at an IT park in Navi Mumbai via a long-term lease. This move highlights the ongoing demand for efficient Grade A offices in suburban business districts.
The space is leased at Mindspace Airoli East from Mindspace Business Parks, with a lease agreement registered on December 29 for a total duration of 60 months.
The agreement sets a starting monthly rent of approximately Rs 97.25 lakh, equating to around Rs 67 per sq ft. A security deposit of around Rs 5.83 crore was also paid upon registration. The deal grants Wipro exclusive access to 97 car parking spaces, as per documents from CRE Matrix.
The handover date for the premises is scheduled for January 7, with rent commencing on April 1. The lease includes a rent-free period of 84 days, allowing Wipro time to complete necessary fit-outs.
This lease features a lock-in period of 36 months, providing revenue stability for the landlord over the medium term. Rents will escalate by 5% annually, while the security deposit will similarly increase by 5% throughout the lease duration.
In addition to the base rent, a common area maintenance fee of Rs 12 per sq ft per month will be charged. This typically covers shared services, security, utilities, and the maintenance of common facilities within large office campuses.
RealtyDailyNews’s inquiries via email to Wipro and Mindspace Business Parks’ REIT went unanswered. Airoli has emerged as a crucial IT and office hub in Navi Mumbai, featuring lower rental rates compared to Mumbai’s central business districts, availability of large contiguous spaces, and improved connectivity. This location has seen increasing interest from IT services firms and global capability centers looking for scalable office spaces.
Industry experts note that large tenants continue to prefer peripheral locations for their growth, particularly for delivery centers and support services, where cost efficiency and flexibility are essential. SEZ office parks in Navi Mumbai have also experienced a resurgence in leasing activity in recent quarters.
This transaction emphasizes Wipro’s strategy to maintain a diversified office presence across key technology markets while adding to Mindspace Business Parks’ roster of significant institutional tenants within its office asset portfolio.
