Crisil Leases 2.5 Lakh Sq Ft Mumbai Office Space, Paying 597 Crore Over 15 Years

Crisil, a leading global analytics and ratings firm, has secured a 15-year lease for 2.5 lakh square feet of prime office space in Lightbridge, Saki Vihar, Mumbai, signalling a major commitment to consolidating its Mumbai operations. The lease, valued at ₹597.3 crore over the tenure, underscores the robust demand for premium commercial real estate in the city’s key micro-markets.

The company has leased floors 10 through 15 in the property and will pay a monthly rent of ₹2.35 crore, equivalent to ₹94 per square foot per month, with an annual escalation of 4.77 per cent. In addition, Crisil has deposited ₹38.20 crore as a security deposit with the landlords, Nathan Properties Private Limited and Gamma Construction Private Limited. The lease commenced on August 31, 2025, and reflects confidence in Mumbai’s commercial real estate resilience amid sustained corporate expansion. Meanwhile, Powai continues to attract office tenants, as Cowrks, a co-working operator under Brookfield, has leased 1.76 lakh square feet at Crisil House (One Downtown Central). The seven-month lease, which began on September 1, 2025, covers the ground floor and floors three to nine from Kairos Properties Private Limited. Cowrks will carry out fit-out works to provide managed office services, paying a monthly rent of ₹3.88 crore, translating to ₹220 per square foot.

Saki Vihar, historically a hub for multinational and domestic corporates, has seen its office rental rates rise modestly to ₹132 per square foot per month as of October 2025, up from ₹130 in the previous year. Powai, another key commercial micro-market in the Mumbai Metropolitan Region, has also recorded a steady increase, with rents climbing from ₹121 to ₹131 per square foot per month over the same period. Experts suggest this growth is driven by demand for high-quality office spaces that integrate modern amenities, connectivity, and sustainability features. Commercial real estate analysts note that large corporate leases, such as Crisil’s, highlight the continued attractiveness of Mumbai’s office markets despite broader economic fluctuations. The deal also signals a shift towards long-term lease agreements by firms seeking operational stability, especially in micro-markets like Saki Vihar and Powai, which provide strategic access to talent pools, infrastructure, and transport networks.

The sustained interest from multinational firms, co-working operators, and analytics companies reinforces Mumbai’s position as a key commercial hub in India, while reflecting the evolving needs of corporates for flexible, premium, and technologically enabled office spaces. The Crisil lease, in particular, exemplifies the city’s high-value corporate real estate transactions and sets a benchmark for future large-scale leases in the metropolitan region.

Crisil Leases 2.5 Lakh Sq Ft Mumbai Office Space, Paying 597 Crore Over 15 Years