In one of Mumbai’s most significant corporate real estate transactions of the year, CRISIL Limited has finalized a long-term lease for approximately 2.5 lakh sq ft of premium office space at Hiranandani Lightbridge, Saki Vihar, Powai. The deal, valued at ₹597 crore, underscores the growing demand for world-class commercial infrastructure in the city’s eastern business district.
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What Does the CRISIL Lease Deal Include?
As per documents accessed from the property registration department, the 15-year lease agreement was signed with Nathan Properties Pvt. Ltd. and Gamma Construction Pvt. Ltd., both entities belonging to the Hiranandani Group and House of Hiranandani.
The lease is scheduled to commence on August 31, 2025, and will see CRISIL occupying the 10th to 15th floors of the Lightbridge building. This newly leased property will become the company’s future corporate headquarters, currently known as CRISIL House in Powai.
How Much Will CRISIL Pay?
Under the agreement, CRISIL will pay a monthly rent of ₹2.35 crore, equivalent to ₹94 per sq ft per month. Over the full tenure, the total payout amounts to approximately ₹597.3 crore, excluding maintenance and taxes.
- Annual rent escalation: 4.77%
- Security deposit: ₹38.2 crore
- Registration date: October 6, 2025
- Parking allocation: 250 car slots and 75 two-wheeler slots
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Why Did CRISIL Choose Powai?
Powai, particularly the Saki Vihar corridor, has rapidly evolved into a key business hub, thanks to its strategic location and connectivity. The area benefits from proximity to the Western and Eastern Express Highways, Jogeshwari-Vikhroli Link Road (JVLR), and the upcoming Metro Line 6, all of which enhance accessibility across Mumbai.
This connectivity, coupled with Powai’s modern infrastructure and availability of large floor plates, has made it an attractive destination for financial institutions, IT companies, and consulting firms.
Hiranandani Group Confirms the Deal
The Hiranandani Group has officially confirmed the lease, emphasizing its importance as a milestone in Mumbai’s commercial real estate growth.
“We are pleased to announce the successful conclusion of a long-term lease with CRISIL for our newly developed commercial tower at Saki Vihar, Powai. This reinforces the enduring trust in the Hiranandani brand and highlights the growing appetite for well-designed, high-quality workspaces,”
said Niranjan Hiranandani, Chairman, Hiranandani Group.
He added that this transaction signals the positive momentum in the Powai commercial property market, backed by infrastructure upgrades and last-mile connectivity.
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What’s Happening to CRISIL’s Old Office?
In a related update, CoWrks India Pvt. Ltd., a leading flexible workspace operator, has taken over CRISIL’s former premises — One Downtown Central, previously known as CRISIL House in Powai.
According to data from Propstack, CoWrks has signed a short-term lease for 1.76 lakh sq ft with Kairos Properties Pvt. Ltd., the property owner. The lease will begin on September 1, 2025.
The leased area spans floors G and 3 to 9 of the Grade-A commercial building and is priced at ₹220 per sq ft per month, amounting to a monthly rent of ₹3.88 crore. A security deposit of ₹23.33 crore has also been paid.
The seven-month lease term is meant solely for fit-out work, during which CoWrks will transform the space into fully serviced, managed offices tailored for large enterprise clients — offering flexible layouts, modern interiors, and ready-to-move-in solutions.
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What This Means for Mumbai’s Commercial Real Estate Market
This double development — CRISIL’s new headquarters at Lightbridge and CoWrks’ expansion at its former office — highlights the resilience and dynamism of Mumbai’s office leasing market. Powai, in particular, continues to emerge as a prime micro-market, balancing accessibility, sustainability, and premium-grade infrastructure.
With financial services, tech firms, and flexible workspace providers competing for high-quality office spaces, Powai is poised to maintain strong occupancy levels and rental growth in the coming years.
