In one of Mumbai’s largest office space transactions of the year, credit rating agency CRISIL Limited has signed a 15-year lease for around 2.5 lakh sq ft in the newly developed Hiranandani Lightbridge tower at Saki Vihar, Powai. The total value of the deal is estimated at ₹597 crore, according to property documents accessed by Propstack.
The lease agreement has been signed with Nathan Properties Pvt. Ltd. and Gamma Construction Pvt. Ltd., both part of the Hiranandani Group. The premises, spread across the 10th to 15th floors of Lightbridge, will serve as CRISIL’s new corporate headquarters, replacing its existing office, CRISIL House, in Powai.
Under the agreement, CRISIL will pay a monthly rent of ₹2.35 crore, equivalent to ₹94 per sq ft per month, with an annual escalation of 4.77%. The lease tenure is for 15 years, commencing August 31, 2025, with a total rental outgo exceeding ₹597 crore, excluding maintenance and taxes. The company has also deposited a security amount of ₹38.2 crore, as per documents registered on October 6, 2025.
The leased space includes 250 car parking slots and 75 two-wheeler spaces, offering flexibility for large employee movement and client operations.
Strategic Location and Market Context
Saki Vihar, located between Powai and Andheri East, has emerged as a preferred business destination due to its connectivity to the Western and Eastern Express Highways, Jogeshwari–Vikhroli Link Road (JVLR), and Metro Line 6, which is nearing completion. The area has witnessed growing demand from financial institutions, technology firms, and consulting companies seeking Grade-A office spaces in eastern Mumbai.
Market analysts said the CRISIL–Hiranandani deal underlines the steady demand for premium commercial assets, even as developers and occupiers continue to recalibrate office portfolios post-pandemic.
Confirming the development, Niranjan Hiranandani, Chairman of the Hiranandani Group, said, “We are pleased to announce the successful conclusion of a long-term lease with CRISIL for office space in our newly developed commercial tower at Saki Vihar, Powai. This renewed commitment reinforces the enduring trust in the Hiranandani brand and reflects rising demand for high-quality, well-designed workspaces that address evolving business and human-capital needs.”
He added that the transaction also reflects the positive momentum in Powai’s commercial real estate market, supported by infrastructure upgrades and improving last-mile connectivity.
CoWrks to Occupy CRISIL’s Former Office
In a related transaction, flexible workspace operator CoWrks India Pvt. Ltd. has leased 1.76 lakh sq ft at One Downtown Central, formerly CRISIL House, in Powai. The lease, signed with Kairos Properties Pvt. Ltd., will commence September 1, 2025, and includes ground and 3rd to 9th floors of the building.
CoWrks will pay a monthly rent of ₹3.88 crore (₹220 per sq ft) and has deposited ₹23.33 crore as a security deposit. The short-term lease, spanning seven months, has been executed primarily for fit-out and infrastructure setup to prepare the space for managed office services.
With a mix of established corporate tenants and new entrants, Powai continues to attract institutional investors and occupiers. Brokers note that Grade-A spaces in the micro-market maintain strong occupancy levels above 90%, driven by technology, finance, and consulting sectors.
Image- houseofhiranandani.com
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