Dow Chemicals International Pvt Ltd has finalised a major office space deal in Navi Mumbai by leasing 1.79 lakh sq ft at Mindspace Business Park, Airoli. The 10-year lease agreement has been registered with a starting monthly rent of ₹1.64 crore, according to data accessed by Propstack.
The chargeable area for the lease has been marked at approximately 2.56 lakh sq ft, resulting in an effective rent of ₹64 per sq ft per month. Dow Chemicals has provided a security deposit of ₹14.77 crore for the lease. The agreement also stipulates a 5% annual rental escalation, a standard practice across Grade-A commercial leases in India.
The deal further involves a significant fit-out package. The company has deposited ₹82.09 crore as a fit-out security amount. This deposit is structured to allow a refund of 10% annually over the lease term. In addition, Dow Chemicals will pay a fit-out rent of ₹29.45 per sq ft per month, reflecting the high-quality specifications and interior works that are part of the agreement.
The lease includes 225 reserved car parking spaces for the tenant, providing additional support for workforce mobility at the campus.
Mindspace Business Park in Airoli is owned and managed by Mindspace Business Parks REIT. Spread across 1.98 lakh sq m of leasehold land, the development is a notified Special Economic Zone (SEZ) for IT and ITeS operations. The tower leased by Dow is located in the non-processing area of the SEZ, designated for offices and corporate facilities.
The Airoli hub has become one of the most preferred office clusters in Navi Mumbai due to its connectivity, availability of large office plates, and modern business park infrastructure. The location houses several multinational companies across consulting, financial services, IT, and life sciences sectors, making it an established corporate ecosystem.
This deal adds to a series of large commercial leases recorded in Navi Mumbai over the past year. Recently, HDFC Bank executed a 10-year lease for nearly 4 lakh sq ft of space in another Mindspace project, committing to a total rental outflow of around ₹320 crore.
Such transactions demonstrate sustained occupier confidence in the Navi Mumbai office market, particularly in Grade-A SEZ developments. Analysts note that the region has been witnessing rising pre-commitments in both completed and under-construction assets, supported by demand from global capability centres, banks, and technology firms.
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