Key Lease Details
- Leased Area: 1.79 lakh sq ft (chargeable 2.56 lakh sq ft)
- Monthly Rent: ₹1.64 crore (effective rent ~₹64/sq ft/month)
- Lease Tenure: 10 years with 5% annual escalation
- Security Deposit: ₹14.77 crore
- Fit-Out Security Deposit: ₹82.09 crore (10% refunded annually)
- Fit-Out Rent: ₹29.45 per sq ft per month
- Parking: 225 reserved car parking spaces
The lease was registered with Propstack data, confirming the scale of investment and long-term commitment by Dow Chemicals.
Fit-Out Commitment Reflects Premium Specifications
The deal includes a significant fit-out package, with Dow Chemicals committing over ₹82 crore as fit-out security. The refundable structure over the lease term and a fit-out rent of ₹29.45 per sq ft/month reflect the high-end interiors and workplace infrastructure being incorporated into the project.
This positions the office as a state-of-the-art workspace aligned with global corporate standards, enabling Dow Chemicals to support large-scale operations in India.
Mindspace Business Park, Airoli: A Strategic SEZ Hub
The leased office is part of Mindspace Business Parks REIT’s development in Airoli, spread over 1.98 lakh sq m. Recognized as a Special Economic Zone (SEZ) for IT and ITeS, Mindspace offers a robust corporate ecosystem with modern infrastructure and seamless connectivity.
The leased tower is located in the non-processing SEZ area, designated for corporate offices and facilities.
Navi Mumbai’s Airoli cluster has grown into a major business hub due to:
- Large contiguous office plates suitable for global enterprises
- Proximity to Mumbai and Thane via road and rail connectivity
- Presence of multinational firms in IT, consulting, BFSI, and life sciences
Rising Corporate Demand in Navi Mumbai
The Dow Chemicals lease is part of a broader wave of large-scale office deals in Navi Mumbai. For instance, HDFC Bank recently leased nearly 4 lakh sq ft in another Mindspace project, committing over ₹320 crore in rental outflow over 10 years.
Industry analysts note that such transactions reflect sustained occupier confidence in Grade-A SEZ office developments, backed by growing demand from:
- Global Capability Centres (GCCs)
- Banking and financial institutions
- Technology and life sciences firms
Outlook
The Dow Chemicals–Mindspace Airoli deal reaffirms Navi Mumbai’s position as a strategic hub for multinational occupiers. With rising pre-commitments, high-quality infrastructure, and long-term leasing interest, the region is expected to remain a key growth market for commercial real estate in India.
Read more full news: Here
