Wipro Expands Navi Mumbai Presence – Key Highlights
- New Lease: Wipro leased 1.45 lakh sq ft at Mindspace Business Parks, Airoli for 5 years starting April 1, 2026, with a monthly rent of over ₹97 lakh and a security deposit of ₹5.83 crore.
- Existing Footprint: This adds to Wipro’s 3.87 lakh sq ft lease in Mindspace Airoli (2025), consolidating operations in a prime commercial hub.
- Lease Terms: Annual 5% escalation, 36-month lock-in period, and 97 car parking slots included. Registration involved stamp duty of ₹78 lakh and a ₹30,000 fee.
- Strategic Location: Mindspace Airoli is among MMR’s largest office parks, hosting top IT and corporate firms such as Accenture, Cognizant, IBM India, Capgemini, LTI-Mindtree, and others.
Wipro Limited, an information technology major, has increased its office space in commercial real estate in Navi Mumbai by leasing 1.45 lakh sq ft in Mindspace Business Parks in Airoli, with the aggregate rent amounting to over ₹61 cr, as revealed in property registration records procured by CRE Matrix.
The five-year lease term agreement has been inked with Mindspace Business Parks Private Limited and is scheduled to begin from April 1, 2026. The deal has been registered on December 29, 2025, while the possession of the property will be given on January 7, 2026.
The newly leased office premises has further added strength to Wipro’s existing foothold in the Mindspace Airoli campus, in which Wipro has leased out an office space of 3.87 lakh sq ft in the year 2025 under another long-term leasing agreement. This acquisition has helped Wipro further integrate their operations in one of Navi Mumbai’s prime commercial nodes.
According to the documents, the starting monthly rent for the newly leased space is over ₹97 lakh. Both the monthly rent and the security deposit will see an annual escalation of 5%. The company has paid a security deposit of ₹5.83 crore for the transaction, and the lease carries a lock-in period of 36 months.
Office space has been leased along with 97 slots for car parking. For registering the agreement, a stamp duty exceeding 78 lakhs was paid, along with a registration fee of 30,000.
Mindspace Business Parks in Airoli is also one of the largest office parks in the Mumbai Metropolitan Region and has multiple domestic and multinational companies spread across various industries like IT, management consulting, financial services, and healthcare technology. Some of the prime occupiers of this office campus include Accenture, Cognizant, Capgemini India, LTI-Mindtree, IBM India, Axis Bank, CRISIL, and many more.
In May 2025, Wipro signed an agreement to lease 3.87 lakh sq ft of space in the same business park. The term of the lease would be 10 years, with a starting fixed rental of around ₹2.47 crore per month. The lease takeover comprised eight floors of the building, with a carpet area of around 2.7 lakh sq ft, along with a chargeable area of 3.87 lakh sq ft. The rental agreement would have an annual escalation of 5%, along with a security deposit of ₹14.86 crore.
Navi Mumbai: Emerging as a Major Office Hub
Navi Mumbai is fast becoming a major office destination within the Mumbai Metropolitan Region (MMR). As per Cushman & Wakefield, the city has around 23.8 million sq ft of Grade A office space that accounts for almost 20% of the total commercial supply of 120 million sq ft in MMR. The occupancy rate is 87% showing good demand from the businesses and continuing developer interest.
Main reasons for the growth of Navi Mumbais office market:
- Cost Advantage: Office rent in Navi Mumbai is on average 70 per sq ft per month i.e. nearly 57% cheaper than the prime MMR sub, markets thus offering a low, cost but still quality alternative to the companies.
- Infrastructure & Connectivity: Good roads, new Navi Mumbai International Airport, Kharghar, Turbhe Tunnel and the extension of Palm Beach Road are some of the things that facilitate easy access to the business locations.
- Residential Options: Various types of housing from budget to high, end are available for accommodating the workforce.
- Development Perspective: Besides the existing one, 4 million sq ft office space can be added at Navi Mumbai by the end of FY2028 thus showing the intention of both investors and occupiers to stay.
Industry insiders have also observed that the fact that major IT companies continue to lease office space shows that there is steady demand for prime office space in easily accessible satellite nodes like Navi Mumbai.
Compared to traditional Mumbai hubs like BKC, Navi Mumbai is attractive to investors as it offers them lower entry costs with prime areas such as Kharghar, Airoli, and Kamothe giving short, term rental yields of around 6% and long, term returns of 9% approximately.
Micro, markets like Airoli, Ghansoli, and Kharghar are getting popular because of the strong demand for commercial spaces and residential support. Following the pandemic, the market is more inclined towards RERA, registered, ready, to, move projects that not only bring transparency but also compliance.
High, end facilities such as large floor plates, state, of, the, art elevators, sufficient parking, and green certifications are gradually aligning with global commercial standards. With the launch of large, scale projects like NMIA, a potential Disneyland, and the BKC, 2 financial district, Navi Mumbais skyline and investment prospects are going to rise, thus presenting the city as a great choice for first, time and experienced investors who value stable, long, term growth.
Image- mindspaceindia.com
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