Princeton Digital Leases 1 million sq ft in Airoli Knowledge Park near Mumbai for ₹10.42 crore monthly rent

Princeton Digital Group (India) Management Pvt Ltd has leased 1 million sq ft of space in three buildings of Airoli Knowledge Park near Mumbai for a monthly rent of ₹10.42 crore from Gigaplex Estate Pvt Ltd- an arm of Mindapce Business Park REIT, according to property registration documents accessed by CRE Matrix.

Property registration documents show that Princeton Digital Group, a global firm in data centre operations, has leased part of the space for 20 years and the balance for 40 years, with a 15-year lock-in period.

The property registration documents contain a 4% rent escalation annually clause for the first 15 years and later a 5% annual escalation for the balance of the lease.

According to the property registration documents, the overall space has been leased along with 81 car parking spaces.

The one million sq ft of space has been leased in three parts. The first agreement mentions leasing 3.15 lakh sq ft for a monthly rent of ₹3.10 crore, documents show.

The second agreement mentions leasing of 2.52 lakh sq ft of space for a total of ₹2.48 crore, and the third agreement mentions leasing of 4.91 lakh sq ft for ₹4.83 lakh sq ft.

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The agreement for all three transactions was registered on April 1, 2025, documents show.

Meanwhile, an email query sent to both companies did not receive a response. If a response is received, the story will be updated.

September 2025 announcement

Mindspace Business Parks REIT announced on September 25, 2025, that it has entered into a strategic partnership with Princeton Digital Group, a global leader in data centre operations, to develop PDG’s flagship and largest data centre campus in India at Mindspace Airoli West in Navi Mumbai, near Mumbai.

Under this new agreement, Mindspace REIT will develop three built-to-suit data centres, adding one million sq ft to its portfolio. The company said the REIT has already developed two data centres for PDG, measuring 0.63 million sq ft.

Upon completion, the Business Park will feature five data centre buildings, and the total data centre footprint within the Mindspace REIT portfolio will stand at 1.65 million sq ft. The development spanning ~15 acres will become part of the larger 50-acre campus ecosystem of Mindspace Airoli West, the company had said in a statement.

Also Read: Equinix India buys 5597 sq m of land in Mumbai's Chandivali for ₹155 crore

Meanwhile, a similar deal was reported in December 2024, where Amazon Data Services Pvt Ltd had purchased a 38-acre land parcel in Ambernath near Mumbai from Macrotech Developers, also known as Lodha Group, for ₹450 crore, according to the property registration documents accessed by Propstack

The land parcel is located in Asode and Burdul villages in Ambernath near Mumbai, according to Propstack.

According to the property registration documents accessed by CRE Matrix, US-headquartered data centre firm Equinix India Pvt Ltd purchased 5,597 sq m (1.38 acres) of land in Mumbai's Chandivali area for ₹155 crore in November 2024.

Also Read: Mindspace Business Parks REIT partners with Princeton Digital Group to develop data centre campus near Mumbai

According to the documents, the land parcel was purchased along with the building, which has a built-up area of 5,386 sq m.