Mumbai, Jan 06: IT major Wipro Limited has taken on lease a large office space at Mindspace SEZ in Airoli, Navi Mumbai, in the Mumbai Metropolitan Region.
Over 1.45 lakh sq ft leased at Mindspace SEZ
As per the registration documents accessed from CRE Matrix, a real estate data analytics firm, Wipro has leased around 1,45,157 sq ft of office space at Mindspace SEZ, located in the Airoli East MIDC Industrial Area. The property is owned by Mindspace Business Parks Private Limited. The agreement was registered on December 29, 2025.
Monthly rent fixed at Rs 97.25 lakh
The starting monthly rent has been fixed at Rs 97.25 lakh, translating to a rent of Rs 67 per sq ft. The lease includes 97 car parking spaces. Wipro has also paid a security deposit of Rs 5.83 crore as part of the transaction.
Five-year lease with lock-in period
The lease tenure is for 60 months, with a lock-in period of 36 months. The handover of the premises is scheduled for January 7, 2026, while rent payments will commence from April 1, 2026. The agreement includes a rent-free period of 84 days from the handover date.
Annual rent escalation and maintenance charges
As per the terms of the lease, the monthly rent will see an annual escalation of 5 per cent. The security deposit is also subject to a yearly escalation of 5 per cent. In addition to the base rent, Wipro will pay common area maintenance (CAM) charges of Rs 12 per sq ft per month.
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Deal signals steady suburban office demand
Mindspace SEZ in Airoli is a key commercial hub in Navi Mumbai, housing several IT and technology-driven companies. The transaction reflects steady leasing activity in the suburban office market despite evolving workplace dynamics.
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