The National Payments Corporation of India (NPCI) has leased 1.15 lakh sq. ft. of office space in Goregaon, Mumbai, for ₹136 crore, marking its expansion in India’s digital payments ecosystem. This move reflects the growing demand for commercial real estate, as Mumbai remains a hub for Grade-A office spaces, hybrid work models, and fintech growth.
The National Payments Corporation of India (NPCI) has secured a 1.15 lakh square feet office space in Goregaon, Mumbai, strategically supporting its expanding digital payments ecosystem. The five-year lease, valued at over INR 136 crore, includes a monthly rent of INR 2.15 crore, with a 15% escalation after three years. This expansion highlights the growing need for robust office infrastructure to accommodate India’s increasing reliance on digital transactions.
NPCI, established by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA), plays a pivotal role in the country’s financial ecosystem, operating platforms like Unified Payments Interface (UPI) and RuPay. With digital payments seeing exponential growth, this expansion reinforces the organisation’s commitment to scalability and innovation.
“The flexible workspace industry in India is at an inflection point, poised to account for over 20% of the total office space market by 2025,” noted Paras Arora, Founder & CEO, Qdesq. The demand for modern, tech-enabled work environments has led to a significant uptick in commercial leasing, even amid fluctuating economic conditions.
Mumbai’s commercial real estate market continues to show resilience, with demand for high-quality office spaces remaining strong. A report by ICRA projects net office absorption to increase by 10-11% in FY 2024-25, reaching 59-60 million square feet, with further growth of 3-4% expected in 2025-26. As enterprises embrace hybrid work models, there is a growing emphasis on workspaces prioritising collaboration, technology integration, and employee well-being.
The selection of Goregaon for NPCI’s new office space underscores the area’s rising prominence as a commercial hub, benefiting from strong connectivity and modern infrastructure. Home to several corporate headquarters and tech parks, Goregaon is fast becoming a preferred location for Mumbai organisations seeking well-connected, premium office spaces.
NPCI’s lease also reflects broader trends in commercial real estate, where corporations are securing large office spaces to accommodate scalable and hybrid work environments. “Enterprises will favour managed office solutions for scalability, cost efficiency, and superior employee experience,” stated Mona Shukla, Founder & CEO of CorporateEdge. With businesses investing in modern, flexible workspaces, the commercial leasing market is set to grow further.
As India moves towards a digitally driven economy, NPCI’s expansion signals confidence in long-term commercial real estate investments. With sustained momentum in the flexible workspace and managed office sectors, organisations prioritise strategic locations and future-proof infrastructure to stay ahead in a rapidly evolving business landscape.
