WeWork India Expands Footprint with Major Office Lease in Andheri East, Mumbai

WeWork India has leased over 126,000 square feet of office space across three floors in a commercial tower in Andheri East, Mumbai. The lease spans five years, with a monthly rent exceeding ₹1.4 crore and a total lease payout exceeding ₹87 crore. The leased property occupies the 6th, 7th, and 8th floors and is scheduled to be operational by August 2025.

Strategic Move to Strengthen Presence

The newly leased property serves as a replacement for a coworking space previously vacated in Powai. The new location in Andheri East aligns with WeWork’s strategy to enhance its coworking hub network in Mumbai.

Details of the Financial Transaction

The agreement was officially registered in November 2024, and a security deposit of ₹4.14 crore has already been paid. The monthly rental rate stands at ₹109 per square foot. Stamp duty and registration costs amounted to ₹22 lakh and ₹1,000, respectively.

Comments on the Market Dynamics

Hiranandani Group Chairman, Dr. Niranjan Hiranandani, attributed the robust growth of India’s commercial real estate market to evolving business dynamics and increased investor confidence. He highlighted the rising demand for work-from-office spaces and strategic investments as key growth drivers.

"The commercial real estate sector in India is on a trajectory of sustained expansion, driven by optimal business conditions and strategic initiatives," Dr. Hiranandani noted.

Conclusion

WeWork India’s latest leasing activity underscores its commitment to bolstering its presence in Mumbai’s thriving commercial real estate sector. The move signals confidence in the city's evolving business landscape and the increasing demand for coworking spaces.