Wipro leases 3.87 lakh sq ft office space in Navi Mumbai's Airoli for 10 years
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IT major Wipro Ltd has picked up office space spanning eight floors spread over 387,000 sq ft at K Raheja Corp's IT special economic zone (SEZ) Mindspace Business Park in Navi Mumbai's Airoli locality through a long-term lease of over 10 years.The deal concluded through two separate agreements has been signed at a monthly rent of Rs 2.48 crore with a clause for 5% annual escalation. Over the tenure of the lease, Wipro is expected to pay a total Rs 328 crore, including escalations.The IT SEZ is a property owned and operated by K Raheja Corp-backed listed Mindspace Business Parks Real Estate Investment Trust (REIT).The agreement includes a three-year lock-in for Wipro, while the lock-in for Mindspace REIT extends through the entire lease term. The company has also placed a security deposit of Rs 14.86 crore, showed documents accessed through realty data analytics platform Propstack.Wipro is already one of the key occupiers in this business park as it occupies 345,000 sq ft in another building within Mindspace Business Park. This newly added space reinforces its long-term commitment to the Mumbai office market and the SEZ.The transaction assumes significance given that it comes at a time when IT companies are recalibrating their workplace strategies. Despite hybrid work trends, large corporations continue to show demand for grade A office spaces in prime, well-managed campuses with future-ready infrastructure.This deal also indicates a broader industry trend that while office formats evolve, India's top technology firms continue to double down on real estate in strategic locations to support their long-term growth.ET's separate email queries to Wipro and Mindspace Business Parks REIT remained unanswered until the time of going to press.Lease transactions for large office spaces are witnessing a noticeable uptick across major property markets in India. This trend is being driven by steady and sustained economic growth, which has strengthened business confidence and encouraged long-term expansion plans.As companies across sectors scale operations and consolidate their footprints, demand for quality, well-located office spaces is on the rise. This momentum is particularly evident in key urban centres, where institutional-grade developments continue to attract large occupiers seeking efficiency, scalability and future-ready infrastructure.
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