Lloyds Realty Developers, a subsidiary of Lloyds Enterprises, has signed a 15-year lease with Smartworks Coworking Spaces, securing estimated rental revenue of more than Rs 6 bn over the tenure. The agreement covers the entire 182,300 sq ft of The Square, a commercial tower in Andheri East in the Mumbai metropolitan region.

The company said the transaction reflected sustained enterprise demand for prime institutional workspaces across key Mumbai business hubs and would strengthen its commercial portfolio cash flow and market positioning. It added that the campus was expected to achieve full occupancy of enterprise seats once fully operational.

Ravi Agarwal, chairman and managing director of Lloyds Realty Developers, described the transaction as more than a routine lease and indicated that institutional-grade office developments that are strategically located and thoughtfully designed were attracting large enterprises. He said that achieving full occupancy at The Square through a long-term partnership with Smartworks would improve the quality of the commercial portfolio while providing stable long-term rental cash flows and greater earnings visibility.

Designed by Panthaki Architects, The Square comprises three basement levels, a ground floor and nine office floors. The long-term lease was expected to strengthen Lloyds Realty's income-generating commercial portfolio and provide greater visibility over future cash flows.

Lloyds Realty Developers, the subsidiary, has a portfolio valued at more than Rs 235 bn across premium residential and commercial projects and has so far delivered nearly three million square feet of projects across Mumbai, Thane, Pune and Tirupur. It has approximately 14 million square feet under development and said it would remain focused on creating high-quality assets that generated sustainable value for occupiers, investors and shareholders.

The company indicated that the milestone reinforced its confidence in the long-term fundamentals of India’s commercial real estate sector and in its strategy of building a resilient, income-generating portfolio. The lease with Smartworks therefore forms part of a broader effort to secure stable rental income and enhance earnings visibility for stakeholders.