Wipro Secures 1.45 Lakh Sq Ft Office Space in Navi Mumbai’s Mindspace Airoli

Wipro, a leading information technology services company, has secured a significant office space of 1.45 lakh sq ft at the Mindspace Airoli IT Park in Navi Mumbai. The long-term lease agreement, spanning 60 months, underscores the sustained demand for cost-efficient Grade A offices in peripheral business districts.

The space has been leased from Mindspace Business Parks, a prominent developer of IT parks and business hubs. The lease agreement was registered on December 29, with a starting monthly rent of about Rs 97.25 lakh, translating to a rental rate of around Rs 67 per sq ft. Wipro has also provided a security deposit of approximately Rs 5.83 crore at the time of registration. The lease agreement includes exclusive access to 97 car parking spaces, as per documents accessed through CRE Matrix.

The handover of the premises is scheduled for January 7, with rent commencement set for April 1. The lease includes a rent-free period of 84 days, allowing Wipro time to complete fit-outs and prepare the space for occupation. The lease has a lock-in period of 36 months, providing revenue visibility to the landlord over the medium term. Rentals under the agreement will increase by 5% annually, and the security deposit will also see a 5% annual escalation over the lease period.

In addition to the base rent, Wipro will be responsible for paying common area maintenance charges of Rs 12 per sq ft per month. These charges typically cover shared services, security, utilities, and the upkeep of common infrastructure within large-format office campuses.

Airoli has emerged as a key IT and office hub in Navi Mumbai, driven by lower rental costs compared to Mumbai’s core business districts, the availability of large contiguous spaces, and improving connectivity. The location has witnessed steady interest from IT services firms and global capability centers seeking scalable office footprints.

Industry experts highlight that large occupiers continue to favor peripheral locations for expansion, particularly for delivery centers and support functions, where cost efficiency and flexibility are paramount. SEZ office parks in Navi Mumbai have also seen renewed leasing activity over the past few quarters.

This transaction underscores Wipro’s commitment to maintaining a diversified office footprint across major technology markets. It also adds to Mindspace Business Parks’ portfolio of key institutional occupiers across its office assets. The agreement reflects the growing trend of companies opting for cost-effective and strategically located office spaces to support their operational needs and growth strategies.