L&T Mindtree Leases Chennai Office for 4.09 Cr Rent

Synopsis:  L&T Mindtree leases nearly 6 lakh sq ft of office space in Chennai’s L&T Innovation Campus at a monthly rent of ₹4.09 crore for five years, highlighting rising demand for large commercial office spaces in India’s major IT hubs.

L&T Mindtree has leased around 6 lakh square feet of office space in Chennai at a monthly rental of approximately ₹4.09 crore for a five-year term, according to property documents accessed by Propstack. The transaction marks one of the significant commercial leasing deals in Chennai’s office real estate market this year.

The IT services company has taken office space across 12 floors in Tower 2 of the L&T Innovation Campus located on Mount Poonamallee Road in Chennai. The property is owned by Larsen & Toubro Limited, the parent company of L&T Mindtree. The campus is a large mixed-use development spread across nearly 40 acres and is designed to cater to growing technology and IT-enabled services operations.

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According to the lease documents, the rental agreement has been signed at a lease rate of ₹68 per square foot. L&T Mindtree has also paid a security deposit of nearly ₹24.57 crore. The agreement includes a rental escalation clause of 12 percent every three years, reflecting long-term expansion plans and sustained operational growth by the company.

The lease commencement has been planned in multiple phases. The first phase, covering the ground to sixth floors, began operations in August 2025. The second phase, consisting of the seventh to ninth floors, commenced in February 2026, while the remaining floors are expected to become operational later in 2026. The facility also includes extensive parking infrastructure with more than 1,500 two-wheeler parking spaces and over 750 four-wheeler slots.

Industry experts believe the transaction underlines Chennai’s growing importance as a major commercial office market in southern India. Large office leasing deals have increasingly dominated the country’s commercial real estate sector, particularly in technology-driven cities such as Bengaluru, Hyderabad, Pune, and Chennai. Reports indicate that office spaces exceeding one lakh square feet accounted for a major share of leasing activity across India’s top cities during the first quarter of 2026.

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The latest lease further strengthens L&T Mindtree’s operational footprint in Chennai. The company had previously leased nearly 5.85 lakh square feet in the same innovation campus in 2024, indicating continued expansion of its workforce and technology operations in the city.