India’s Global Capability Centres (GCCs) expansion gathered fresh momentum as a US-headquartered mortgage technology firm leased nearly 1.93 lakh sq ft of office space in Magarpatta Cyber City, committing an estimated Rs 217 crore over a nine-year term. The transaction reinforces Pune’s emergence as a preferred destination for large-format, long-tenure GCC investments.
Property registration documents show that ICE MT India Private Limited, the Indian arm of the US-based firm, has taken space in Tower S3 at Magarpatta Cyber City. The premises include approximately 1.54 lakh sq ft of carpet area and span multiple levels, from the lower ground floor to the seventh floor. The agreement includes 715 parking slots and carries a starting monthly rental of Rs 1.73 crore, with periodic escalations built into the lease structure. The office space has been leased from Axis Max Life Insurance Limited, with the transaction registered in late December 2025. A stamp duty payment exceeding Rs 4 crore was recorded, and a security deposit of over Rs 10 crore has been lodged, underscoring the scale of commitment. Industry analysts say the deal reflects sustained confidence in India’s GCC ecosystem. According to recent consultancy estimates, GCC leasing activity nationwide touched record levels in 2025, as multinational corporations deepened offshore capabilities across technology, financial services, engineering and research functions.
Pune has consistently captured an estimated 15–20 per cent share of national GCC absorption over the past few years. Market observers attribute this to a combination of talent availability, established IT corridors, competitive rentals relative to Mumbai and Bengaluru, and comparatively strong liveability indicators. The Magarpatta micro-market, in particular, has evolved into a self-contained business district integrating commercial, residential and social infrastructure. Urban planners note that such mixed-use clusters reduce commute distances and improve employee productivity a key consideration for companies setting up long-term operational bases. The transaction follows other large GCC commitments in western India, including a landmark built-to-suit lease in Mumbai’s Powai business district by a global financial institution earlier this year. Together, these deals highlight a broader structural shift: India is no longer viewed solely as a back-office destination but as a strategic hub for innovation, analytics and core business functions. From a city-planning perspective, the growth of Global Capability Centres carries implications for infrastructure capacity, housing demand and mobility systems. Sustaining this momentum will require investments in public transport, climate-resilient utilities and sustainable office design to align economic growth with environmental commitments.
As multinational firms expand their Indian footprints, Pune’s positioning within the GCC network appears increasingly secure. The durability of this growth, however, will hinge on maintaining balanced urban development that supports both corporate investment and quality of life for its expanding workforce.
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