HERE Solutions India Private Limited, an IT firm, has signed a 10-year lease for commercial office space in Navi Mumbai, at a total rent of ₹147 crore. The office space, measuring 2.08 lakh sq ft, is located in Mindspace Business Park, Airoli in Navi Mumbai, near Mumbai, as per the property registration documents.

• The commercial office space leased for 10 years spans across four units on the fourth floor, eighth floor and the ninth floor, along with 194 car parking spaces.
• According to the documents, the carpet area of the four units measures 1.45 lakh sq ft with the chargeable area of 2.08 lakh sq ft.
• The starting monthly rent of the office space leased is ₹1.48 crore, or ₹71 per sq ft, with an annual rent escalation of 4.5%.
• The security deposit for the deal is ₹13.32 crore.
• As per the documents, the company paid a stamp duty of around ₹2.84 crore and a registration fee of ₹1.20 lakh for the transaction which was registered on December 20, 2025.

1. Cognizant Technology Solutions India Pvt. Ltd.

Cognizant Technology Solutions India Pvt. Ltd., an IT services company, renewed its lease for the commercial office space, spanning 92,000 sq ft, for a total of more than ₹39.66 crore in Mindspace Business Park in Airoli, as per the property registration documents.

The office units are situated on the second and sixth floors of the building, with 45,000 sq ft and exceeding 46,000 sq ft respectively. The starting monthly rent of the leased space is ₹62.70 lakh, which is estimated to increase by 4.5% annually.

2. Wipro Limited

In December 2025, Wipro Limited, another IT major company, expanded its presence in Mindspace Business Park, Airoli, by leasing a commercial office space of 1.45 lakh sq ft for a period of five years at a total rent of approximately ₹61 crore, according to the property registration documents.

3. Dow Chemicals International Pvt Ltd

In 2025, Dow Chemicals International Pvt Ltd leased a 1.79 lakh sq ft of office space, along with 225 car parking spaces, for a period of 10 years for ₹1.64 crore, according to the documents. The company paid a security deposit of ₹14.77 crore with an annual rent escalation of 5%.

4. Along with the above mentioned firms, Mindspace Business Parks' other significant occupiers are L&T Infotech, CRISIL, Axis Bank, LTI-Mindtree, Accenture, Capgemini India, IBM India, to name a few.

In November 2025, to expand its presence, Mindspace Business Parks REIT announced its acquisition of three commercial assets in Mumbai and Pune from K Raheja Corp for ₹2,916 crore. Mindspace REIT, sponsored by K Raheja Corp, has acquired the three assets located in Mumbai and Pune with a combined footprint of 8 lakh sq ft.

The commercial portfolio of Mindspace REIT as of September 30 is 38.2 million sq ft and will go up to 39 million sq ft after this acquisition. The company said in a regulatory filing that Mumbai's commercial assets are located in the city's business districts of Worli and Bandra-Kurla Complex, Pune's Kalyani Nagar for a combined value of ₹2,916 crore.

Several significant domestic and international companies across different sectors such as IT, financial services, consulting and healthcare are the key occupiers of Navi Mumbai's Mindspace Business Parks in Airoli.

HERE Solutions' acquisition for a period of 10 years underscore the growing demand for Grade A offices as well as in the long-term growth potential of India's central business districts.