HERE Technologies has leased over 2 lakh sq ft of office space in Navi Mumbai’s Mindspace Business Parks for 10 years at a total value of ₹147 crore. The deal reflects growing demand from global tech firms for large, long-term office spaces in India’s key business districts.
Global location data and mapping company HERE Technologies has made a strong statement in India’s commercial real estate market by leasing over 2 lakh sq ft of office space in Navi Mumbai. The transaction, valued at ₹147 crore over a 10-year period, reinforces the continued appeal of large-format, Grade A office developments among multinational technology firms expanding their operations in India.
The leased premises are spread across four office units located on the fourth, eighth, and ninth floors of a commercial tower within Mindspace Business Parks. As per the documents, the offices account for a carpet area of 1.45 lakh sq ft and a total chargeable area of 2.08 lakh sq ft, offering ample space for scalable operations and modern workplace layouts.
Rental Structure and Deal Economics
According to the documents, HERE Technologies’ India arm has agreed to a starting monthly rent of ₹1.48 crore, translating to roughly ₹71 per sq ft. The lease includes an annual rent escalation of 4.5%, aligning with prevailing market trends for long-term commercial leases in premium business parks. The security deposit for the transaction stands at ₹13.32 crore, reflecting the scale and seriousness of the commitment.
The lease was officially registered on December 20, 2025. Registration records show that stamp duty of over ₹2.84 crore and a registration fee of ₹1.20 lakh were paid to complete the transaction, highlighting the significant revenue contribution such large office deals make to state exchequers.
Navi Mumbai Sees Sustained IT Occupier Momentum
HERE Technologies’ move follows a series of high-value office transactions in Navi Mumbai, particularly within the Mindspace Business Parks ecosystem. In December 2025, Wipro Limited expanded its footprint by leasing 1.45 lakh sq ft of commercial space in Mindspace Business Parks, Airoli, for five years at a total rent exceeding ₹61 crore, “according to property registration documents accessed by CRE Matrix.”
During the same month, Cognizant Technology Solutions India Pvt. Ltd. renewed its lease for over 92,000 sq ft in the same business park for a total consideration of nearly ₹39.66 crore. These back-to-back deals underline sustained demand from IT and technology-led enterprises for well-managed, transit-connected office campuses.
Mindspace REIT Strengthens Its Portfolio
Mindspace Business Parks REIT continues to attract blue-chip occupiers, including LTI, LTI–Mindtree, Accenture, IBM India, Axis Bank, Capgemini, and CRISIL, among others. In November 2025, the REIT announced the acquisition of three commercial assets in Mumbai and Pune for ₹2,916 crore from K Raheja Corp, a move it said would significantly expand its operating portfolio.
With these acquisitions, the REIT’s total commercial area is set to grow from 38.2 million sq ft to approximately 39 million sq ft. Together with large leasing deals like HERE Technologies’, this points to a robust outlook for India’s institutional-grade office market, particularly in established hubs such as Navi Mumbai.
