Dow Chemicals Leases 1.79 Lakh Sq Ft at Mindspace Airoli in Navi Mumbai
Dow Chemicals International Pvt Ltd has leased 1.79 lakh sq ft of office space at Mindspace Airoli, Navi Mumbai, for a monthly rent of ₹1.64 crore under a 10-year agreement.
Dow ChemicalsNavi MumbaiReal EstateOffice SpaceMindspaceReal Estate MumbaiAug 16, 2025
The US-headquartered chemical major has taken up five floors from the 2nd to the 6th in one of the towers of Mindspace Special Economic Zone, owned by Mindspace Business Parks. The company is estimated to pay around ₹250 crore in rentals over the lease period.
The lease, starting September 15, will see Dow Chemical paying a monthly rental of ₹1.64 crore, which translates to ₹64 per sq ft on the chargeable area. The agreement includes a clause to escalate rentals by 5% annually. The transaction also involves a security deposit of ₹14.77 crore.
The deal includes a fit-out security deposit of ₹82.09 crore, which will be refunded in tranches of 10% each year. Additionally, a fit-out rent of ₹29.45 per sq ft per month is included, with no escalation through the term, as shown in the documents accessed through the Department of Registration and Stamps, Government of Maharashtra.
Mindspace Business Parks is a leading real estate developer in India, known for its high-quality business parks and SEZs. The company has a strong presence in key cities, including Navi Mumbai, and has been instrumental in attracting major corporates to the region. This lease by Dow Chemicals is a significant boost to the real estate market in Navi Mumbai, highlighting the city's growing appeal as a business hub.
Navi Mumbai, a planned city adjacent to Mumbai, has been rapidly developing over the past few decades. It offers a blend of modern infrastructure, connectivity, and a high quality of life, making it an attractive destination for both domestic and international businesses. The Mindspace Airoli project, in particular, has been a focal point for corporate investments, thanks to its strategic location and world-class facilities.
The leasing of this space by Dow Chemicals not only underscores the company's commitment to expanding its operations in India but also reflects the robust real estate market in Navi Mumbai. It is expected that this move will further drive economic growth and job creation in the region, contributing to the overall development of the city.
For more information on property deals in Mumbai and surrounding regions, visit https://budgetproperties.in/
Frequently Asked Questions
What is the total area leased by Dow Chemicals at Mindspace Airoli?
Dow Chemicals has leased 1.79 lakh sq ft of office space at Mindspace Airoli in Navi Mumbai.
What is the monthly rent for the leased space?
The monthly rent for the leased space is ₹1.64 crore.
How long is the lease agreement?
The lease agreement is for 10 years.
What is the security deposit for the lease?
The security deposit for the lease is ₹14.77 crore.
What is the fit-out security deposit and how is it refunded?
The fit-out security deposit is ₹82.09 crore and will be refunded in tranches of 10% each year.
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