Credit rating agency CRISIL Limited has entered into one of Mumbai’s largest commercial real estate transactions this year, signing a 15-year lease agreement for around 2.5 lakh sq ft of premium office space at Hiranandani Lightbridge in Saki Vihar, Powai.

Valued at ₹597 crore, the lease marks CRISIL’s plan to shift its corporate headquarters to the newly developed tower by the Hiranandani Group, reflecting continued occupier confidence in Powai’s rapidly evolving commercial hub.

According to the documents, the lease is a new agreement with landlords Nathan Properties Pvt. Ltd. and Gamma Construction Pvt. Ltd., both part of the Hiranandani Group and the House of Hiranandani Group.

The lease is scheduled to commence from August 31, 2025, and the company will occupy space on the 10th to 15th floors in the Lightbridge building. According to local brokers, the building is already home to large corporations in Mumbai’s eastern suburbs.

The leased premises will serve as CRISIL’s new corporate office, currently known as CRISIL House, brokers said.

Under the agreement, Crisil will pay a monthly rent of ₹2.35 crore, equivalent to ₹94 per square foot per month. Over the 15-year tenure, the total rent outgo is expected to reach ₹597.3 crore, excluding maintenance and taxes. The lease also includes a 4.77% annual escalation, according to the agreement.

Crisil has also deposited a security amount of ₹38.2 crore for the transaction registered on October 6, 2025.

The space has been leased, along with 250 car parking spaces and 75 two-wheeler parking spaces, according to the documents.

Saki Vihar, situated between Powai and Andheri East, has experienced significant growth in the commercial leasing segment over the past few years. The area’s proximity to the Western and Eastern Express Highways, JVLR (Jogeshwari-Vikhroli Link Road), and the upcoming Metro Line 6 has enhanced its accessibility, attracting financial institutions, technology firms, and consulting companies.

Hiranandani Group confirmed the transaction.

“We are pleased to announce the successful conclusion of a long-term lease with CRISIL for office space in our newly developed commercial tower at Saki Vihar, Powai. 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,” said, Niranjan Hiranandani, Chairman, Hiranandani Group.

“The transaction also underscores the positive momentum in the Powai commercial real estate market, driven by improving infrastructure and last-mile connectivity. Powai continues to demonstrate strong occupancy levels and competitive rental growth, offering attractive returns on investment while providing occupiers with operational advantages through seamless connectivity and modern amenities,” Hiranandani said.