HERE Solutions India Private Limited, an IT firm, has signed a long-term lease for commercial office space spanning 2.08 lakh sq ft in Mindspace Business Park, Airoli, Navi Mumbai, near Mumbai, at a total rent of ₹147 crore for 10 years, according to property registration documents accessed by Propstack.
The commercial office space is spread across four units on the fourth, eighth and ninth floors and was leased for a total period of 10 years. The four office units measure 1.45 lakh sq ft (carpet area) and have a chargeable area of 2.08 lakh sq ft, according to the documents.
According to the documents, the India arm of global tech firm HERE Technologies has leased the office space at a starting monthly rent of ₹1.48 crore, or ₹71 per sq ft, with an annual rent escalation of 4.5%. The security deposit for the transaction stands at ₹13.32 crore.
The transaction was registered on December 20, 2025, for which a stamp duty of over ₹2.84 crore and a registration fee of ₹1.20 lakh were paid, the documents show.
The commercial office units were leased along with a total of 194 car parking spaces, the documents show.
An email query has been sent to Mindspace Business Parks REIT and HERE Solutions India Pvt Ltd. The story will be updated if a response is received.
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Recent commercial lease deals
Mindspace Business Parks in Airoli, Navi Mumbai, is home to several prominent domestic and international companies across sectors such as IT, consulting, healthcare tech, and financial services.
Earlier, IT major Wipro Limited expanded its presence in December 2025 by leasing 1.45 lakh sq ft of commercial space in Mindspace Business Parks, Airoli, near Mumbai, for a period of five years at a total rent of over ₹61 crore, according to property registration documents accessed by CRE Matrix.
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In the same month, IT services major Cognizant Technology Solutions India Pvt. Ltd. has renewed a lease for over 92,000 sq ft of commercial office space in Mindspace Business Parks in Navi Mumbai, near Mumbai, for a total of over ₹39.66 crore, according to property registration documents accessed by CRE Matrix.
Some of the key occupiers in the Mindspace Business Parks REIT include L&T Infotech (LTI), LTI–Mindtree, Accenture, Cognizant, IBM India, CRISIL (a subsidiary of S&P Global), Axis Bank, Capgemini India, among several others.
Mindspace Business Parks REIT in November 2025 announced that it had acquired three commercial assets in Mumbai and Pune for ₹2,916 crore from K Raheja Corp to expand its REIT portfolio. Mindspace REIT, sponsored by K Raheja Corp, has acquired three assets totalling 8 lakh sq ft in Mumbai and Pune. As of September 30, its commercial portfolio stood at 38.2 million sq ft, which will rise to 39 million sq ft after this acquisition.
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The three commercial assets are located in Mumbai’s business districts of Worli and Bandra-Kurla Complex, and in Pune’s Kalyani Nagar, for a total of ₹2,916 crore, the company had said in a regulatory filing.