In a significant move to bolster its operational capacity, Indian IT giant Wipro Ltd has secured a substantial office space in the bustling Mumbai Metropolitan Region. The company has signed a lease for 145,157 square feet of premium office space located within the Mindspace Business Parks complex in Airoli East, Navi Mumbai.
Deal Details and Financial Terms
The lease agreement is set for a five-year term, with the Bengaluru-headquartered technology leader committing to a monthly rental of ₹97.25 lakh. This translates to a rate of ₹67 per square foot. The contract includes a standard annual rent escalation clause of 5%. According to registration documents reviewed by real estate data analytics firm CRE Matrix, the property is being leased directly from Mindspace Business Parks Pvt. Ltd, a unit of the Mindspace REIT.
The formal handover of the office space is scheduled for January 7, while the rental payments will officially commence from April 1. As part of the lease terms, Wipro will benefit from an 84-day rent-free period, a common feature in large commercial leases to allow for fit-outs and mobilization.
Strategic Expansion in a Key Location
This transaction is not Wipro's first major investment in this specific location. It follows a larger deal last year where the IT major acquired a massive 387,000 square feet in the same Mindspace property for a monthly rent of ₹2.47 crore. This pattern of consecutive leases underscores a deliberate strategy to consolidate and expand its footprint in Navi Mumbai's thriving business district.
Abhishek Kiran Gupta, CEO of CRE Matrix, commented on the broader implications of the deal. He stated that the lease underscores the structural strength of Navi Mumbai's SEZ office market. "The transaction reflects how large IT occupiers continue to prioritise long-term cost visibility and operational scale over short-term flexibility," Gupta said. He added that such deals reinforce Airoli's position as a value-efficient extension of Mumbai's office ecosystem, attracting institutional landlords and blue-chip tenants focused on stability and scalability.
Broader Market Trends and Industry Shift
This expansion by Wipro signals a notable shift in the office space strategy of major IT companies. After a period of slowed expansion and remote work models post-pandemic, there is a clear resurgence in demand for physical office spaces as companies call employees back to work. This has directly led to an increase in office space requirements across the sector.
The trend is national. In a landmark transaction in 2025, Tata Consultancy Services (TCS) leased 1.4 million square feet in Bengaluru's Electronic City. Furthermore, data from property advisory CBRE India reveals that gross office leasing across India's top nine cities hit a record 82.6 million square feet in 2025, led by technology firms and flexible workspace operators. This marks an increase from the 79 million square feet recorded in 2024, indicating a robust recovery and growth in the commercial real estate sector.
While Mint's queries to both Mindspace Business Parks REIT and Wipro went unanswered, the registration documents provide a clear picture of this strategic investment. The move solidifies Wipro's commitment to its growth in the Mumbai region and aligns with the broader industry's return to a more structured office-centric operational model.
