IT services major Wipro Limited has further strengthened its presence at Mindspace Business Parks in Airoli, Navi Mumbai, by leasing 1.45 lakh sq ft of commercial space for a five-year term, at a total rental value exceeding ₹61 crores, according to property registration records sourced from CRE Matrix.

This fresh lease adds to Wipro's existing occupancy in the business district, where the company had already taken 3.87 lakh sq ft of office space in 2025 on a long-term arrangement. The earlier transaction carried a starting monthly rent of more than ₹2.47 crore.

As per the registered agreement, the new lease has been signed with Mindspace Business Parks Private Limited and will come into effect on April 1, 2026, for a period of 60 months. The premises will be handed over to Wipro on January 7, 2026, while the deal was formally registered on December 29, 2025, the documents show.

• Security deposit: ₹5.83 crore
• Lock-in period: 36 months
• Starting monthly rent: over ₹97 lakh
• Annual escalation: 5% on rent and deposit

The transaction also includes 97 car parking slots. A stamp duty of more than ₹78 lakh and a registration fee of ₹30,000 were paid as part of the execution.

Mindspace Business Parks in Airoli houses several large domestic and multinational companies across sectors such as IT, consulting, financial services, and technology.

Some of the prominent occupiers in the campus include Wipro, Accenture, Cognizant, IBM India, Capgemini India, LTI-Mindtree, CRISIL, Axis Bank, and L&T Infotech, among others.

In May 2025, Wipro had leased 3.87 lakh sq ft of space within the same business park, according to records accessed through Propstack. The company occupied eight floors (4th to 11th) with a carpet area of 270,949 sq ft and a chargeable area of 387,072 sq ft.

That lease was signed at a rental rate of ₹64 per sq ft per month, translating into a monthly rent of around ₹2.48 crore, along with a security deposit of ₹14.86 crore and an annual rent escalation of 5%.

Wipro's latest leasing transaction at Mindspace Airoli reinforces Navi Mumbai's position as one of the most prominent corporate office hubs in the Mumbai Metropolitan Region. By expanding its footprint within the same business park, the IT major has signaled long-term operational commitment and confidence in the micro-market's ecosystem, infrastructure, and talent accessibility. With structured escalation terms, multi-year tenure, and a significant floor area addition, the deal highlights the continued momentum in institutional-grade commercial real estate and the sustained preference of large enterprises for integrated business park environments.