Coworking space operator WeWork India has secured a significant lease agreement for 1.26 lakh square feet of commercial space at Powai. The deal, according to registration papers accessed by Propstack, entails a monthly rent of Rs 1.38 crore.
The leased property, situated in a building named Lightbridge situated in Saki Vihar area, highlights WeWork’s strategic expansion in Mumbai’s commercial real estate market.
The transaction was officially registered on November 29, 2024. According to the registration documents, a stamp duty of Rs 22 lakh and a registration fee of Rs 1,000 was paid. The lease tenure is set to commence in August 2025 and will span five years, concluding in August 2030.
The commercial space encompasses the 6th, 7th, and 8th floors of the building, with a monthly rent rate of Rs 109 per square foot. A security deposit of Rs 4.14 crore has also been paid.
The space has been rented out by Gamma Constructions Pvt Ltd. and Shrishti Developers. Gamma Constructions is a joint company of Dr Niranjan and Surendra Hiranandani.
Commenting on the development, Chairman of Hiranandani Group, Dr Niranjan Hiranandani said, “The performance of India’s commercial real estate segment in FY’24 has been nothing short of stellar, and we anticipate this momentum will be sustained well into FY 25-26. The robust increase in commercial leasing and absorption activity is driven by evolving market dynamics, strong investors’ confidence, a work-from-office scenario, and balanced economic growth.”
“The commercial real estate sector in India is poised for continued growth, driven by strategic investments and an optimal business environment that promises sustained returns and steady expansion,” Hiranandani added.
