Wipro Expands Footprint with 145,157 Sq Ft Lease at Mindspace SEZ, Navi Mumbai
Wipro Limited, a leading IT giant, has further solidified its presence in the Mumbai Metropolitan Region (MMR) by leasing 145,157 square feet of Grade-A office space at the Mindspace SEZ in Airoli East. This strategic move, signed with Mindspace Business Parks Pvt Ltd (a unit of Mindspace Business Parks REIT) in late December 2025, reinforces the company's commitment to leveraging premium business parks for large-scale operations.
The agreement brings Wipro’s cumulative occupancy at the Airoli campus to approximately 8.77 lakh square feet. This substantial expansion follows a significant 3.87 lakh sq ft lease signed in mid-2025, highlighting the company's ongoing growth and investment in the region.
Key Commercial Terms
The transaction, accessed via the real estate data platform CRE Matrix, includes the following specific terms:
- Monthly Rental: ₹97.25 lakh (₹67 per sq ft). - Security Deposit: ₹5.83 crore, equivalent to six months’ rent. - Timeline: Possession is scheduled for January 7, 2026, with rent commencement starting April 1, 2026. - Maintenance: Common Area Maintenance (CAM) charges are fixed at ₹12 per sq ft. - Escalation: 5% annual increase on both monthly rent and security deposit.
Market Momentum: A Record 2025
Wipro’s strategic expansion aligns with a historic year for Indian commercial real estate. According to Anarock Research, net office absorption across India’s top seven cities hit an all-time high of 55.16 million square feet in 2025, marking a 10% year-on-year increase. The Mumbai Metropolitan Region (MMR) specifically saw absorption rise by 15% to 8.23 million square feet, driven by a mix of Global Capability Centres (GCCs) and domestic IT giants.
Average rentals in the region rose by approximately 5% over the last year, as vacancy rates in prime hubs like Navi Mumbai tightened to 14.7%. This tightening of the market reflects the strong demand for quality office spaces, particularly in areas like Airoli, which are well-connected and offer a robust infrastructure.
Summary
Wipro has leased 145,157 sq ft at Mindspace SEZ, Navi Mumbai, for five years at a starting rent of ₹97.25 lakh per month. This deal underscores the sustained demand for scalable office hubs in the MMR and caps a record-breaking year for the Indian office market, which saw peak absorption of 55.16 million sq ft in 2025. With possession starting January 7, 2026, and rent commencement on April 1, 2026, Wipro’s expansion is a testament to the company’s long-term vision and the region’s growing importance in the IT sector.
