Airoli’s Mindspace Business Park in Navi Mumbai continues to consolidate its position as one of the Mumbai Metropolitan Region’s most active technology office clusters, with a global mapping and location intelligence company committing to a large, long-term office lease spanning over 2 lakh square feet.
Property registration records indicate that the India arm of the international technology firm has taken on lease approximately 2.08 lakh sq ft of chargeable office area within the Mindspace campus for a tenure of ten years. The agreement translates into a cumulative rental outflow of around Rs 147 crore over the lease period, underlining sustained occupier confidence in Navi Mumbai’s commercial office ecosystem. The leased premises are distributed across multiple floors within the development and comprise a carpet area of roughly 1.45 lakh sq ft. The lease commenced at a monthly rental of about Rs 1.48 crore, with a built-in annual escalation of 4.5 per cent, reflecting prevailing Grade-A office rental benchmarks in the Airoli micro-market. A security deposit exceeding Rs 13 crore was also part of the transaction, along with nearly 200 dedicated parking bays. The deal was formally registered in December 2025, with stamp duty and registration charges exceeding Rs 2.8 crore, according to the documents. Market experts say such long-duration leases, particularly from global technology firms, reinforce Navi Mumbai’s positioning as a cost-efficient yet high-quality alternative to Mumbai’s traditional central business districts.
Mindspace Business Park, developed and managed under a real estate investment trust structure, has emerged as a preferred destination for IT, consulting, financial services and healthcare technology firms. The Airoli cluster benefits from large contiguous floor plates, established social infrastructure and improving regional connectivity through road and rail networks. The transaction also fits into a broader pattern of leasing momentum at the campus. In recent months, several large technology companies have either expanded or renewed their presence at Mindspace Airoli, signalling stable demand for managed office environments even as occupiers reassess space strategies in a hybrid work era. At the portfolio level, the business park’s owner has been actively scaling its commercial footprint. Recent acquisitions of additional office assets in Mumbai and Pune have expanded the overall leasable area under the trust’s management, pushing the total commercial portfolio close to 39 million sq ft. Industry observers note that such scale allows institutional landlords to attract multinational tenants seeking long-term certainty and operational efficiency.
For the Mumbai Metropolitan Region, the latest lease highlights Navi Mumbai’s growing role as a secondary office hub capable of absorbing large occupier requirements. With improving infrastructure, competitive rentals and an established talent catchment, micro-markets such as Airoli are increasingly seen as central to the region’s next phase of office-led urban growth.
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