Dow India Leases 2.56 Lakh sq ft Office Space in Navi Mumbai's Mindspace SEZ

Mumbai: In one of Navi Mumbai's biggest office space transactions, Dow Chemical International (Dow India) has signed a 10-year lease for over 256,000 sq ft at Mindspace Special Economic Zone (SEZ), owned by Mindspace Business Parks REIT.

The US-headquartered chemicals major has occupied five floors (2nd–6th) in the SEZ tower, reinforcing Navi Mumbai's position as a prime hub for global corporates.

Deal Highlights

• The lease begins September 15 with an estimated total value of ₹250 crore.
• Dow India will pay a monthly rent of ₹1.64 crore (₹64 per sq ft), with 5% annual escalation.
• The company has also provided a security deposit of ₹14.77 crore.

Fit-Out Terms

In addition to standard lease commitments, the deal includes:

• Fit-out security deposit: ₹82.09 crore, refundable in 10% annual tranches.
• Fit-out rent: ₹29.45 per sq ft/month, fixed for the entire 10-year term (no escalation).

Dow India Lease Snapshot

This significant lease deal comes as multinational companies expand their footprint in Navi Mumbai, drawn by the region's strategic location and modern infrastructure. The deal also reflects the growing demand for Grade A commercial spaces in the Mumbai Metropolitan Region.

Similar to recent developments in nearby areas, this transaction highlights how Airoli and surrounding Navi Mumbai locations are becoming increasingly attractive to global corporations. The proximity to the upcoming Navi Mumbai Airport and enhanced connectivity continues to drive corporate interest in the region.

For investors looking at commercial real estate opportunities, nearby areas like Kharghar and Panvel are also witnessing increased commercial activity. The Mumbai suburbs real estate boom continues to benefit locations across Navi Mumbai.

Dow India's ₹250-crore, 256,000 sq ft lease is not just a major real estate move but also a strong indicator of rising corporate demand for Grade A SEZ spaces in Navi Mumbai. This transaction reinforces the region's position as a preferred destination for multinational corporations seeking premium office spaces in the Mumbai Metropolitan Region.