WeWork India Secures Major 1.26 Lakh Sq Ft Lease in Mumbai's Powai for ₹1.38 Crore Monthly Rent
WeWork India has secured a significant lease agreement for 1.26 lakh square feet of commercial space in the Lightbridge building, located in the Saki Vihar area of Powai, Mumbai. The deal, valued at ₹1.38 crore per month, underscores WeWork's strategic ex
Wework IndiaCommercial Real EstatePowaiMumbaiLightbridgeReal Estate MumbaiDec 30, 2024
The deal, as per registration papers accessed by Propstack, entails a monthly rent of ₹1.38 crore.
This strategic move highlights WeWork's commitment to expanding its footprint in the bustling commercial real estate market of Mumbai.
The leased property is located in the Lightbridge building, situated in the Saki Vihar area of Powai.
The transaction was officially registered on November 29, 2024.
According to the registration documents, a stamp duty of ₹22 lakh and a registration fee of ₹1,000 were paid.
The lease tenure is set to commence in August 2025 and will span five years, concluding in August 2030.
The commercial space encompasses the 6th, 7th, and 8th floors of the Lightbridge building, with a monthly rent rate of ₹109 per square foot.
A security deposit of ₹4.14 crore has also been paid.
The space has been rented out by Gamma Constructions Pvt Ltd.
and Shrishti Developers.
Gamma Constructions is a joint company of Dr Niranjan Hiranandani and Surendra Hiranandani, prominent figures in the Mumbai real estate industry.
Commenting on the development, Dr Niranjan Hiranandani, Chairman of Hiranandani Group, said, “The performance of India's commercial real estate segment in FY'24 has been nothing short of stellar, and we anticipate this momentum will be sustained well into FY 25-26.
The robust increase in commercial leasing and absorption activity is driven by evolving market dynamics, strong investors’ confidence, a work-from-office scenario, and balanced economic growth.”
“The commercial real estate sector in India is poised for continued growth, driven by strategic investments and an optimal business environment that promises sustained returns and steady expansion,” Hiranandani added.
WeWork India's expansion in Powai is a testament to the growing demand for flexible workspace solutions in Mumbai.
The area is known for its vibrant business community and is home to numerous startups, established companies, and international corporations.
This lease agreement is expected to further boost the commercial real estate market in the region, attracting more businesses and fostering economic growth.
WeWork India has been actively expanding its presence across major cities in India, offering a range of coworking and office space solutions to cater to the diverse needs of modern businesses.
With this new lease, the company aims to provide a state-of-the-art workspace that meets the highest standards of comfort and functionality.
The Hiranandani Group, founded by Dr Niranjan Hiranandani, is one of the leading real estate developers in India.
The group has a strong presence in Mumbai and other major cities, with a focus on delivering high-quality residential, commercial, and integrated township projects.
Frequently Asked Questions
What is the size of the commercial space leased by WeWork India in Powai?
WeWork India has leased 1.26 lakh square feet of commercial space in the Lightbridge building, situated in the Saki Vihar area of Powai, Mumbai.
What is the monthly rent for the leased space?
The monthly rent for the leased space is ₹1.38 crore.
When does the lease commence and when does it conclude?
The lease is set to commence in August 2025 and will conclude in August 2030, spanning a total of five years.
Who are the landlords of the leased property?
The leased property has been rented out by Gamma Constructions Pvt Ltd. and Shrishti Developers.
What is the significance of this lease for the commercial real estate market in Mumbai?
This lease highlights WeWork's strategic expansion in Mumbai's commercial real estate market and underscores the growing demand for flexible workspace solutions in the city. It is expected to further boost the commercial real estate market in the region, attracting more businesses and fostering economic growth.
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