Princeton Digital Secures ₹10.42 Crore Monthly Lease for 1 Million Sq Ft in Airoli Knowledge Park

Princeton Digital Group (India) Management Pvt Ltd, a prominent global player in data centre operations, has recently secured a significant leasing deal in the Airoli Knowledge Park near Mumbai. The company has leased 1 million square feet of space from Gigaplex Estate Pvt Ltd, an arm of Mindspace Business Park REIT, for a monthly rent of ₹10.42 crore as per property registration documents accessed by CRE Matrix.. The lease agreement spans a long-term duration, with part of the property leased for 20 years and the remainder for 40 years, providing Princeton Digital with a stable base for its expanding operations in India.

Furthermore, the lease includes a 15-year lock-in period, ensuring stability for both the lessor and lessee. A key feature of this agreement is the annual rent escalation clause, which stipulates a 4% increase in rent for the first 15 years, followed by a 5% annual escalation for the remaining lease period. This clause is designed to align with inflation rates and the increasing value of premium properties in key commercial zones like Airoli. In addition to the lease of the commercial space, the agreement also covers 81 parking spaces, adding convenience for employees and visitors to the premises.

The 1 million sq ft leased space is spread across three separate agreements, with each covering a distinct portion of the park. The first agreement leases 3.15 lakh sq ft for a monthly rent of ₹3.10 crore, while the second agreement covers 2.52 lakh sq ft for ₹2.48 crore per month. The largest portion, 4.91 lakh sq ft, is leased under the third agreement for a monthly rent of ₹4.83 crore. All three agreements were officially registered on April 1, 2025, further solidifying the deal's commitment and the project's timeline.

This leasing arrangement is part of a larger strategic vision by Princeton Digital Group to expand its footprint in the rapidly growing data centre market in India, driven by increasing digital consumption, cloud adoption, and the rise of 5G technology. Furthermore, it is linked to a broader partnership between Mindspace Business Parks REIT and Princeton Digital Group. In September 2025, Mindspace REIT will begin developing India’s largest data centre campus for Princeton Digital at Mindspace Airoli West in Navi Mumbai. This development will include three built-to-suit data centres, adding 1 million square feet to the Mindspace REIT’s existing portfolio.

This partnership is expected to boost the total data centre footprint within the Mindspace REIT portfolio to 1.65 million sq ft. The 15-acre development is strategically located within the larger 50-acre campus ecosystem of Mindspace Airoli West, which will offer substantial benefits in terms of connectivity and scalability. This lease is part of a broader trend in the region, with large global firms increasingly looking to secure space in Mumbai and its suburbs for data centre operations.

For instance, in December 2024, Amazon Data Services Pvt Ltd purchased a 38-acre land parcel in Ambernath from Macrotech Developers (Lodha Group) for ₹450 crore. Similarly, Equinix India Pvt Ltd acquired 5,597 sq m (1.38 acres) of land in Chandivali, Mumbai, for ₹155 crore, adding to the surge in data centre investments. This rising demand for data centre infrastructure reflects the growing importance of digital services in India’s economy, with a strong focus on cloud computing, data storage, and IT services.