Azim Premji's Wipro makes BIG move, leases 3.87 lakh sq ft space in THIS city at monthly rent of Rs...

Indian tech giant Wipro Limited has made a major move by leasing 3.87 lakh square feet of commercial space at Mindspace Business Parks in Airoli near Mumbai. The space has been leased at a monthly rent of a whopping Rs 2.47 crore (approximately), according to property registration documents accessed by Propstack, a real estate data analytics firm. This expands Wipro’s existing presence at the Navi Mumbai business park, where it already occupies 3.45 lakh sq ft of commercial space.

How much has Wipro paid?
The lease agreement, signed with Mindspace Business Parks Private Limited, took effect on July 31, 2024, and is valid for 10 years, according to the property documents viewed by Propstack.
As per the docs, Wipro will occupy eight floors (from 4th to 11th) in a building, with a carpet area of 2,70,949 sq ft and a chargeable area of 3,87,072 sq ft. Along with the office space, Wipro will get car parking for 194 cars, the lease deed says. A security deposit of nearly Rs 15 crore and an annual rental hike of 5 percent are included in the agreement. A total stamp duty of nearly Rs 13 lakh and a registration fee of Rs 60,000 have been paid, the documents showed.

How big is Mindspace park?
The Mindspace Business Parks in Navi Mumbai's Airoli is spread over an area of 50.1 acres and hosts several prominent Indian and foreign companies across sectors such as Information Technology (IT), consulting, healthcare tech, and financial services. Besides Wipro, the companies that have offices at the business park include L&T Infotech (LTI), LTI-Mindtree, Accenture, Cognizant, IBM India, CRISIL (a subsidiary of S&P Global), Axis Bank, and Capgemini India.