Source : https://economictimes.indiatimes.com/industry/services/property-/-cstruction/wipro-leases-3-5-lakh-sq-ft-at-mindspace-business-park-in-navi-mumbais-airoli/articleshow/87243181

Software major Wipro has entered into an agreement to pick up an entire commercial tower spread over 3.5 lakh sq ft office space at K Raheja Corp’s Mindspace Business Park in Airoli, Navi Mumbai, through a long-term lease.

The IT Special Economic Zone (SEZ), Mindspace Airoli East is a property owned and operated by K Raheja Corp and Blackstone Group-backed listed Mindspace Business Parks Real Estate Investment Trust (REIT).

The company is leasing the space for a total tenure of 10 years and the agreement provides for a clause to escalate rentals by 15 percent every three years. To begin with, Wipro will be paying rentals of around Rs 58 per sq ft a month for the leased space.

The company is expected to utilise the new leased space for software development and export. Of the total development potential of 6.8 million sq ft in this business park, around 4.7 million sq ft is developed and leased.