Realty firm Wadhwa Group has leased nearly 33,000 square feet of office space to global investment research firm Morningstar at its commercial project in Mumbai for a total rental of ₹44 crore over a nine-year period, according to a PTI report.
Deal Details
The lease covers 32,551 sq ft of space at Wadhwa Group's Vishwaroop IT Park (VITP) in Vashi, Mumbai. The nine-year agreement is expected to generate approximately ₹43.54 crore in rental revenue for Wadhwa Group through 2034, sources told PTI. A company spokesperson declined to comment on the transaction.
| Metric | Value |
|---|---|
| Leased area | 32,551 sq ft |
| Lease duration | 9 years |
| Total rental income | ~₹43.54 crore by 2034 |
| Morningstar's total footprint at VITP | 4.45 lakh sq ft |
| VITP built-up area | 6.25 lakh sq ft |
| VITP annual rental income | ~₹75 crore |
| Occupancy status | Fully leased |
Morningstar's Expansion and Project Profile
With this transaction, Morningstar now occupies a total of 4.45 lakh sq ft (445,000 sq ft) across Vishwaroop IT Park, significantly expanding its presence in the Mumbai Metropolitan Region (MMR). The Vishwaroop IT Park, spread across a plot area of 15,518 square metres, has a built-up area of 6.25 lakh sq ft and is currently fully leased. The property generates an annual rental income of approximately ₹75 crore, according to the report.
Wadhwa Group's Portfolio and IPO Plans
Wadhwa Group, a Mumbai-based developer, focuses on residential, commercial, and township projects. It has completed more than 220 projects across the MMR, covering 45 million sq ft of area. Its commercial portfolio includes prominent projects such as The Capital (BKC) and Platina (BKC). The company is preparing to launch an Initial Public Offering (IPO), the report noted, though no further details on the IPO timeline or size were disclosed.
Office Market Context
The lease comes amid a record-breaking period for India's office market. According to Knight Frank India data, the country recorded its highest-ever quarterly leasing volume at 29.9 million square feet during January–March 2026 across eight major cities. This represents a 6% increase from the previous peak observed in the first quarter of 2025. The strong demand underscores the sustained appetite for commercial real estate from global and domestic occupiers.
Wadhwa Group's latest deal with Morningstar not only reinforces the developer's commercial leasing momentum but also positions it favourably ahead of its planned IPO, as investors seek exposure to India's booming office market.
Sources:
