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Hartford Global Services commits to 1.6 lakh sq ft office lease in Hyderabad’s Gachibowli

Hartford Global Services commits to 1.6 lakh sq ft office lease in Hyderabad’s Gachibowli

Hartford Global Services has expanded its India operations with a large office lease in Hyderabad. The US-based insurer’s India arm has taken 1.59 lakh sq ft of office space in Gachibowli, one of the city’s key IT corridors. The deal comes with a monthly rent of ₹92.28 lakh, according to lease documents accessed by CRE Matrix.

The office is located in Kalyani Trident and spans the 21st and 22nd floors. Hartford will pay ₹44.48 lakh per month for 76,701 sq ft on the 21st floor. Additionally, it will pay ₹47.79 lakh per month for 82,406 sq ft on the 22nd floor.

Lease Structure, Rentals, and Key Terms

The rent works out to ₹58 per sq ft per month across both floors. Hartford has paid a security deposit of ₹5.53 crore as part of the agreement.

The lease runs for five years with a three-year lock-in period. Moreover, the agreement includes a 15% rent escalation every three years. The company also secured 213 car parking slots, each charged at ₹3,500 per car per month.

The lease was officially registered on December 9, 2025, and Hartford paid a stamp duty of ₹14 lakh.

Hartford will begin paying rent for the 21st-floor space from March 1, 2026. Meanwhile, rent payments for the 22nd-floor premises will start from September 1, 2026.

Gachibowli’s Growing Appeal

Gachibowli continues to attract global occupiers. The micro-market benefits from steady demand from global capability centres, IT firms, and financial services companies. It also offers Grade A office developments, strong road connectivity via the Outer Ring Road, upcoming metro links, and easy access to the international airport.

As a result, Gachibowli remains a preferred destination for large, long-term office leasing deals.

Recent Transactions

Recent office transactions in Hyderabad reflect steady occupier confidence across key IT corridors. Large leasing deals by global firms highlight sustained demand for Grade A spaces, flexible lease structures, and well-connected micro-markets such as Gachibowli and Hitec City.

In a recent transaction, Global real estate consultancy Jones Lang LaSalle Property Consultants India (JLL) leased 1.21 lakh sq ft of office space at Prestige Skytech – Sky One in Poppalguda, Gandipet mandal, Hyderabad. In another transaction, Facebook India leased 69,702 sq ft office space in Hyderabad’s Hitec City.

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Wipro Leases 1.45 Lakh Sq Ft Office Space at Mindspace SEZ, Airoli

Wipro Leases 1.45 Lakh Sq Ft Office Space at Mindspace SEZ, Airoli

Wipro Limited has leased a large office space at Mindspace SEZ, Airoli East (MIDC Industrial Area), Navi Mumbai, reinforcing Airoli’s position as a key commercial and IT hub in the Mumbai Metropolitan Region (MMR).

According to documents accessed by CRE Matrix, the space is located in Building No. 4 at Mindspace SEZ, owned by Mindspace Business Parks Private Limited. The lease transaction was officially registered on 29 December 2025.

Key Lease Details

Wipro has leased a total area of 145,157 sq ft, with a starting monthly rent of approximately Rs 97.25 lakh. This translates to Rs 67 per sq ft per month. The agreement includes 97 car parking spaces, supporting large-scale office operations.

The lease tenure is 60 months, with a lock-in period of 36 months. This provides stability for both the lessor and lessee.

Rent Structure and Escalation

The lease agreement includes a handover date of 07 January 2026, with rent commencement scheduled from 01 April 2026. This provides Wipro a rent-free period of 84 days. The contract stipulates an annual rent escalation of 5%. The security deposit stands at Rs 5.83 crore and is subject to a 5% escalation every year, as per the lease terms
In addition, Common Area Maintenance (CAM) charges amount to Rs 12 per sq ft per month. This aligns with prevailing Grade A SEZ office benchmarks in Navi Mumbai.

Strategic Importance of Airoli

Airoli has emerged as a preferred destination for IT and IT-enabled services companies due to its SEZ ecosystem, competitive rentals, robust infrastructure, and strong connectivity to Thane, Navi Mumbai, and Mumbai via road and rail networks. Developments such as Mindspace SEZ have consistently attracted large corporate occupiers looking for scalable, high-quality office spaces.

This transaction highlights sustained occupier demand for Grade A office assets in established business parks. Tenants are increasingly prioritising long-term visibility, predictable lease structures, and operational efficiency.

Market Outlook

Large-format office leasing by established IT majors like Wipro signals renewed confidence in structured office environments, particularly in SEZs offering integrated infrastructure and compliance benefits. With a limited supply of high-quality spaces in prime micro-markets, Airoli remains a strong performer in Navi Mumbai’s commercial real estate landscape.

Recent Transactions

Airoli has witnessed steady commercial leasing activity in recent months, with large corporates opting for Grade A office spaces within SEZ developments. This highlights the micro-market’s attractiveness amid evolving workplace strategies across the Mumbai Metropolitan Region.

In a recent transaction, Prime Lohegaon Infraspaces LLP, a subsidiary of Pune-based Panchshil Realty, acquired Capgemini’s Knowledge Park in Airoli for ₹550 crore.

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Cognizant Renews 92,000+ Sq Ft Office Lease in Navi Mumbai in ₹40 Cr Deal

Cognizant office lease renewal in Navi Mumbai

Cognizant Technology Solutions India Pvt. Ltd. has renewed a large office lease in Navi Mumbai, reaffirming its long-term presence in one of Mumbai’s key IT hubs. According to property registration documents accessed by CRE Matrix, the IT services major has secured over 92,000 sq ft of commercial office space at Mindspace Business Park in Airoli for a total lease value of nearly ₹40 crore. The transaction highlights continued demand for Grade A office spaces in established technology parks.

Details of the Lease Renewal

Cognizant occupies the renewed office space across the second and sixth floors of Mindspace Business Park. The second floor measures around 45,000 sq ft, while the sixth floor exceeds 46,000 sq ft. Notably, the lease term is five years, with a lock-in period of three years.

Cognizant will start with a monthly rent of ₹62.70 lakh. The rent will escalate annually by 4.5%. The agreement also includes a two-month rent-free period from May 5, 2030, to July 4, 2030. In addition, the company will pay common area maintenance charges of ₹11 per sq ft per month.

Registration and Location Significance

The transaction was registered on December 12, 2025. Cognizant paid stamp duty of over ₹42 lakh and registration fees of ₹30,000 for the deal.

Meanwhile, Mindspace Business Park in Airoli continues to attract leading IT and technology firms. Owing to its strong infrastructure, reliable connectivity, and campus-style development, the location remains a preferred office destination. As a result, such large-scale renewals further strengthen Navi Mumbai’s position as a stable and mature commercial office market.

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Nielsen Media and Subsidiary Lease 1.52 lakh sq ft Office Space in Mumbai for ₹3.87 Crore Per Month for 10 Years

Nielsen_Media_and_Subsidiary_Lease_Office_Space_in_Mumbai

Nielsen Media India Private Limited and its subsidiary, Whats On India Media, signed a significant lease agreement for 1.52 lakh square feet of office space in Mumbai’s Goregaon. The office units are located in Commerze III, International Business Park, Oberoi Gardens in Goregaon East. Documents obtained from CRE Matrix revealed that the leasing agreement is for 10 years, with an initial monthly rent of ₹3.87 crore.

The property is strategically located along the Western Express Highway and is owned by Oberoi Realty. According to the documents accessed, Whats On India Media Private Limited has leased 39,852 square feet, including a portion of the terrace space. This deal comes with 42 parking spaces for cars and covers the 35th level of the building. 4 out of the 46 parking spaces would require payment at a rate of ₹5,000 per space. The company has paid a security deposit of ₹8.03 crore and the monthly rent for this area is ₹1.004 crore. The agreement was registered on July 9, 2024, with the license commencement date set for January 1, 2025.

In a separate transaction, Nielsen Media India Private Limited has leased the entire 36th, 37th, and 38th floors, along with a portion of the terrace, totaling approximately 1.124 lakh square feet. This lease involves a monthly rental of approximately ₹2.87 crore, accompanied by a security deposit of ₹22.9 crore. The rent for these three floors totals ₹255 per square foot per month. There are 122 free parking spots included in the lease, and 11 more parking spots can be leased for ₹5,000 per month.

These noteworthy lease agreements demonstrate the ongoing demand for upscale office space in Mumbai, especially in desirable areas like Goregaon East.

Recent Transactions for Office Spaces in Mumbai

Recent office space transactions in Mumbai highlight significant activity in the commercial real estate sector. In the latest transaction, Red Fox IT Infra LLP acquired 22 office units in the Times Square building at Marol in Mumbai for approximately Rs 267.5 crore. 

In another transaction, Bank of America leased two commercial units in Malad at a monthly rent of ₹91.5 lakh.

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