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Global investment research firm Morningstar has leased an additional 32,551 sq ft of office space at Wadhwa Group’s Vishwaroop IT Park in Vashi, Mumbai, strengthening its presence within the commercial asset. The nine-year lease is expected to generate around INR 43.54 crore in rental revenue for the developer through 2034. Following the transaction, Morningstar’s total occupancy at the project has increased to 4.45 lakh sq ft. The fully leased office development spans 6.25 lakh sq ft of built-up area and generates annual rental income of about INR 75 crore. The deal comes amid sustained demand for office space across India, with the country’s office market recording a record 29.9 million sq ft of leasing activity during the January–March 2026 quarter.
Real estate developer Wadhwa Group has leased an additional 32,551 sq ft of office space to global investment research firm Morningstar at its Vishwaroop IT Park (VITP) project in Vashi, Mumbai, according to market sources. The nine-year lease agreement, finalised in the past week, is expected to generate approximately INR 43.54 crore in rental income for the developer until 2034 and further consolidates Morningstar’s presence within the commercial development.
The latest transaction increases Morningstar’s total footprint at Vishwaroop IT Park to around 4.45 lakh sq ft, making it one of the largest occupiers within the property. While sources confirmed the lease details, a spokesperson for Morningstar declined to comment on the transaction.
Located in Vashi, Navi Mumbai, Vishwaroop IT Park is a Grade A commercial office development spread across a land parcel of 15,518 square metres. The project comprises a built-up area of approximately 6.25 lakh sq ft and is currently fully occupied. According to sources, the asset generates annual rental income of nearly INR 75 crore.
The lease reflects continued demand from multinational occupiers seeking large office spaces in established business districts across the Mumbai Metropolitan Region (MMR). Navi Mumbai has increasingly emerged as an alternative office destination for companies looking to expand operations while maintaining access to the wider Mumbai market.
Mumbai-based Wadhwa Group is among the prominent real estate developers operating in the MMR. The company has delivered more than 220 projects spanning residential, commercial and township developments, with a cumulative developed area exceeding 45 million sq ft. Its commercial portfolio includes notable office assets such as The Capital in Bandra Kurla Complex (BKC) and Platina in BKC.
The transaction also comes at a significant stage for the developer, which is preparing to launch an initial public offering (IPO). Strengthening rental income streams from operational commercial assets is often viewed as an important component of developers’ business portfolios as they seek access to public markets.
The broader office market has continued to demonstrate resilience despite global economic uncertainties. According to Knight Frank India, office leasing across eight major Indian cities reached 29.9 million sq ft during the January–March 2026 quarter, marking the highest quarterly leasing volume recorded in the country. The figure represented a 6 per cent increase over the previous record achieved during the corresponding quarter of 2025, highlighting sustained occupier demand from domestic and international businesses for high-quality office space.
Source - PTI
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