WeWork India Leases 1.26 Lakh Sq Ft in Powai for ₹1.38 Crore Monthly Rent
WeWork India has secured a significant lease for commercial space in Powai, Mumbai, at a monthly rent of ₹1.38 crore. The leased area spans 1.26 lakh square feet and represents a major transaction in the coworking space sector. The annual rent for this agreement exceeds ₹16 crore, according to details obtained from property registration documents.
The commercial property is situated in the Lightbridge building in Saki Vihar, Andheri East, commonly recognized as Powai. The lease covers three floors of the building—the 6th, 7th, and 8th floors. The agreement, registered on November 29, 2024, stipulates a lease tenure starting from August 2025 and running until August 2030. The monthly rental rate is set at ₹109 per square foot, with a security deposit amounting to ₹4.14 crore. Additional costs included ₹22 lakh paid as stamp duty and a ₹1,000 registration fee. A lock-in period of three years has been incorporated into the agreement, ensuring stability and long-term operational alignment for the parties involved.
The leased property is jointly owned by Gamma Constructions Pvt Ltd and Shrishti Developers. Gamma Constructions Pvt Ltd is led by Surendra Hiranandani and Niranjan Hiranandani, prominent figures in the real estate sector. The Hiranandani Group confirmed the transaction, emphasizing the strength of India’s commercial real estate market.
Niranjan Hiranandani, Chairman of the Hiranandani Group, highlighted the strong momentum of commercial leasing in recent years, attributing the growth to evolving workplace dynamics, increased investor confidence, and steady economic growth. He also noted that flexible workspace operators now account for 20% of new commercial leases, indicating a shift in workplace preferences among businesses.
The Lightbridge building in Powai provides an attractive location for commercial operations. Powai has become a prominent micro-market in Mumbai, home to leading corporations such as Amazon, Deloitte, and L&T. The area has also gained recognition for its educational institutions, particularly IIT Bombay, and its robust infrastructure, including schools, hospitals, and residential developments. The presence of Hiranandani Developers in the vicinity has further enhanced Powai’s profile as a prime destination for both commercial and residential properties. Its strategic location, with access to key business hubs and modern amenities, makes it a preferred choice for companies looking to establish or expand their operations.
The lease by WeWork India aligns with broader trends observed in the Indian commercial real estate sector. A report released by Cushman and Wakefield in December 2024 forecasts gross leasing volumes of 83-85 million square feet across eight major cities, including Mumbai, Bengaluru, and Hyderabad.
This marks a 13% increase compared to the previous year, highlighting the steady recovery and growth of the sector. Since 2022, India’s office real estate market has consistently registered over 70 million square feet of gross leasing annually. The growth is driven by sectors such as IT-BPM, BFSI, Engineering & Manufacturing, and flexible workspace operators. These sectors have contributed significantly to the demand for modern office spaces, enabling companies to adapt to evolving workplace needs.
WeWork India’s decision to lease the Lightbridge property follows its exit from the Chromium building, another commercial property in Powai. The shift to a larger space reflects the company’s strategy to address increasing demand for coworking spaces in urban centers. The new lease also includes 84 parking spaces, each measuring approximately 1,500 square feet, enhancing the overall appeal of the property for tenants. By expanding its presence in Powai, WeWork India aims to cater to businesses seeking flexible, well-connected office environments.
