Wipro Expands in Navi Mumbai with Major Office Lease

Bengaluru: Information technology major Wipro Ltd has expanded its footprint in the Mumbai Metropolitan Region by leasing 145,157 sq. ft of office space for five years at Mindspace Business Parks in Navi Mumbai’s Airoli East.

The Bengaluru-headquartered company will pay a monthly rent of ₹97.25 lakh (at ₹67 per sq. ft) with an annual rent escalation of 5%. The space has been leased from Mindspace Business Parks Pvt. Ltd, a unit of Mindspace REIT, as per registration documents accessed by CRE Matrix, a real estate data analytics firm.

The documents indicate that the office space will be handed over on 7 January, and rent will commence on 1 April. The lease terms also include an 84-day rent-free period.

Wipro has been steadily expanding its real estate footprint at the same location. The current lease transaction follows the IT major’s acquisition of 387,000 sq. ft at the same property last year for a monthly rent of ₹2.47 crore.

“The lease of 145,157 sq. ft at Mindspace SEZ, Airoli by Wipro from Mindspace Business Parks underscores the structural strength of Navi Mumbai’s SEZ office market. The transaction reflects how large IT occupiers continue to prioritize long-term cost visibility and operational scale over short-term flexibility,” said Abhishek Kiran Gupta, chief executive officer (CEO), CRE Matrix.

Deals of this nature reinforce Airoli’s positioning as a value-efficient extension of Mumbai’s office ecosystem, where institutional landlords and blue-chip tenants converge on stability, scalability, and predictable cash flows, Gupta added.

IT companies, once the largest occupiers of office space, had slowed the expansion of their office footprint post-pandemic. However, with employees returning to the office, their space requirements have also increased. In 2025, Tata Consultancy Services leased 1.4 million sq. ft at 360 Business Park in suburban Bengaluru’s Electronic City, in one of the largest office lease transactions in recent times.

Technology and flexible workspace operators led office absorption activity in 2025, which hit a record high of 82.6 million sq. ft (in gross leasing) across the top nine cities, compared to 79 million sq. ft in 2024, according to property advisory CBRE India.