In a sign of sustained demand for large corporate offices, a technology firm has finalised a long-term office leasing deal in one of Pune’s key commercial hubs.
ICE Mortgage Technology India has signed a 9-year lease for nearly 193,000 sq ft of premium office space at Magarpatta Cybercity to set up its Global Capability Centre (GCC), according to official documents. The space has been leased from Axis Max Life Insurance Limited.
The company has taken 1.54 lakh sq ft of carpet area and 1.93 lakh sq ft of chargeable area in Tower S3. The leased premises span the underground floor, lower ground floor, and 7 floors from level 1 to level 7. Each floor has a floor plate of over 29,000 sq ft, while the 7th floor measures around 15,000 sq ft.
The lease agreement was registered on December 29, 2025. A stamp duty of ₹4.42 crore was paid to register the transaction. The monthly rent for the office space is ₹1.73 crore, with a rent escalation of 15% every 3 years. The company has also paid a security deposit of ₹10.42 crore.
Along with the office space, the lease includes 715 parking slots. This comprises 238 car parking spaces and 477 two-wheeler parking spaces, as stated in the documents.
Commenting on the deal, Raja Seetharaman, cofounder of Propstack, said, “This transaction by ICE MT India reinforces the continued robust demand from Global Capability Centres for large-format office spaces in Pune. The 9-year tenure and substantial deal value signal long-term confidence in the Magarpatta micro-market as a premier IT corridor.”
Over the past 4 years, Pune has accounted for nearly 15–20% of India’s total Global Capability Centre activity. The city continues to attract multinational companies due to strong talent availability, quality of life, and its presence across BFSI, automotive, IT and ITeS, manufacturing, and engineering services.
Global Capability Centres are company-owned offshore or nearshore units set up by multinational firms to manage key functions such as R&D, IT, engineering, and support services.
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