In a major commercial deal, Princeton Digital Group (PDG) has signed a landmark lease agreement with Mindspace Business Parks REIT, acquiring 1 million sq ft of space at Airoli Knowledge Park. The transaction, registered on April 1, 2025, is valued at ₹10.42 crore in monthly rent and involves three buildings owned by Gigaplex Estate Pvt Ltd, a Mindspace REIT entity.
According to property registration documents accessed by CRE Matrix, the lease spans both 20-year and 40-year terms, with a 15-year lock-in. It also includes a rent escalation clause—4% annually for the first 15 years and 5% thereafter. Additionally, PDG has secured 81 car parking spaces as part of the agreement.
The leased space, totaling one million sq ft, is distributed across three separate agreements. Princeton Digital has leased 3.15 lakh sq ft at a monthly rent of ₹3.10 crore, 2.52 lakh sq ft for ₹2.48 crore per month, and 4.91 lakh sq ft at ₹4.83 crore per month.
This deal marks a pivotal step in PDG’s expansion in India. Mindspace REIT had earlier announced, on September 25, 2024, a strategic partnership with PDG to develop its flagship and largest data centre campus in the country at Mindspace Airoli West.
As per the agreement, Mindspace will construct three built-to-suit data centres for PDG, adding to the two already developed, which span 0.63 million sq ft. Once complete, the campus will include five buildings and a total footprint of 1.65 million sq ft, making it one of the largest data centre developments in India. The facilities will form part of a 15-acre development within Mindspace Airoli West’s expansive 50-acre business ecosystem.
This agreement highlights the increasing significance in the digital infrastructure landscape in addition to the growing need for hyperscale data centers in India.
Recent Transactions
Commercial transactions for setting up data centers are rapidly increasing in India, especially near Mumbai. The region’s strategic connectivity and robust infrastructure make it a preferred destination for hyperscale and colocation data center investments.
In a recent transaction, Equinix India Pvt Ltd, a US-based data center company, paid ₹155 crore for 5,597 sq m of land in the Chandivali neighborhood of Mumbai. The company intends to establish a new data centre, marking its third such facility in Mumbai.
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