Global analytics and ratings agency CRISIL has signed a landmark 15-year lease agreement worth ₹597.3 crore for 2.5 lakh square feet of premium office space in Mumbai’s Powai, making it one of the largest commercial real estate transactions in the city this year. The lease, registered on October 6, 2025, covers floors 10 to 15 of the newly developed Lightbridge tower in Saki Vihar, a fast-emerging business hub in the eastern suburbs.
The deal was executed with Nathan Properties Pvt. Ltd. and Gamma Construction Pvt. Ltd., both part of the Hiranandani Group. CRISIL will pay a monthly rent of ₹2.35 crore, translating to ₹94 per square foot, with an annual escalation of 4.77%. The lease commenced on August 31, 2025, and includes 250 car parking and 75 two-wheeler parking spaces.
🏢 CRISIL’s New Office Lease Snapshot
| Parameter | Details |
|---|---|
| Location | Lightbridge Tower, Saki Vihar, Powai |
| Area Leased | 2.5 lakh sq ft |
| Lease Tenure | 15 years |
| Monthly Rent | ₹2.35 crore |
| Rate per Sq Ft | ₹94/month |
| Annual Escalation | 4.77% |
| Security Deposit | ₹38.2 crore |
| Parking Allocation | 250 car + 75 two-wheeler spaces |
| Lease Registration Date | October 6, 2025 |
| Lease Commencement Date | August 31, 2025 |
📈 Strategic Move: CRISIL Relocates from Powai to Saki Vihar
CRISIL’s relocation from its long-standing headquarters at Hiranandani Gardens, Powai, to Lightbridge Tower in Saki Vihar signals a strategic shift toward modern, scalable infrastructure. The new premises will serve as CRISIL’s corporate headquarters, replacing the iconic CRISIL House.
The vacated Powai office has already been leased to managed workspace operator CoWrks India Pvt Ltd for a seven-month fit-out period. CoWrks will pay ₹3.88 crore per month for the space, which spans 1.76 lakh sq ft.
🌆 Why Saki Vihar Is Emerging as Mumbai’s New Commercial Magnet
Saki Vihar’s rise as a commercial hotspot is driven by its proximity to key transport corridors like the Western and Eastern Express Highways, JVLR, and the upcoming Metro Line 6. The area has attracted financial institutions, tech firms, and consulting giants, thanks to its connectivity and modern infrastructure.
📊 Powai vs Saki Vihar: Rental Trends Comparison
| Locality | Avg Rent (Oct 2024) | Avg Rent (Oct 2025) | YoY Growth |
|---|---|---|---|
| Powai | ₹121/sq ft/month | ₹131/sq ft/month | +8.26% |
| Saki Vihar | ₹130/sq ft/month | ₹132/sq ft/month | +1.54% |
While Powai continues to command premium rents, Saki Vihar offers competitive pricing with high-quality infrastructure, making it attractive for large-scale corporate leases.
🧭 Industry Reaction and Developer Commentary
Niranjan Hiranandani, Chairman of the Hiranandani Group, confirmed the transaction and stated, “This renewed commitment reinforces the enduring trust in the Hiranandani brand and reflects rising demand for high-quality, well-designed workspaces that address evolving business and human-capital needs.”
Real estate experts believe the deal underscores the momentum in Mumbai’s commercial leasing market, especially in suburban micro-markets that offer scalability and connectivity.
🧾 CRISIL’s Lease in Context: Mumbai’s Top Office Deals
| Company | Location | Area Leased | Lease Value (₹ Cr) | Year |
|---|---|---|---|---|
| CRISIL | Saki Vihar | 2.5 lakh sq ft | ₹597.3 crore | 2025 |
| Morgan Stanley | BKC | 1.8 lakh sq ft | ₹450 crore | 2023 |
| Google India | Goregaon East | 2 lakh sq ft | ₹520 crore | 2024 |
| Deloitte | Powai | 1.5 lakh sq ft | ₹390 crore | 2022 |
CRISIL’s lease now ranks among the top five office transactions in Mumbai by value and square footage.
Disclaimer
This news content is based on verified property registration documents, developer statements, and market data as of October 10, 2025. It is intended for editorial use and public awareness. The information does not constitute investment advice or commercial endorsement and adheres to ethical journalism standards.
