Mortgage Technology's Pune GCC Lease: Impact on the City's Office Market

The recent Pune office lease deal involving Mortgage Technology’s Indian arm has once again highlighted Pune’s growing importance as a global business destination. In early 2026, ICE MT India Private Limited signed a major agreement for nearly 1.93 lakh sq ft in Magarpatta Cyber City to establish its Global Capability Centre. This transaction reflects rising demand for GCC office space Pune and reinforces the city’s position in India’s commercial real estate landscape. For investors, developers, and professionals, this deal offers meaningful insights into Pune’s evolving corporate ecosystem.

According to registration documents, ICE MT India has leased approximately 1.93 lakh sq ft of chargeable area, with around 1.54 lakh sq ft of carpet area, in Tower S3 at Magarpatta Cyber City.

The lease spans the underground floor, lower ground floor, and seven upper levels. The total rental commitment over nine years is estimated at more than ₹217 crore, making it one of the notable transactions in Pune commercial real estate during 2025–26.

The agreement was registered on December 29, 2025, with stamp duty of ₹4.42 crore.

Magarpatta has long been recognised as a self-sustained IT and business hub. It combines office spaces, residential zones, retail centres, and social infrastructure within a single township.

This integrated model makes it highly attractive for multinational companies. Easy access to talent, stable civic amenities, and good road connectivity strengthen its appeal.

Such advantages have positioned Magarpatta as a preferred location for Pune IT corridor commercial space development.

ICE MT India’s new centre will function as a Global Capability Centre, handling technology, analytics, and support services.

The rise of GCCs is reshaping India’s office market. Cities like Pune, Hyderabad, and Bengaluru are witnessing strong demand from global firms.

This transaction strengthens Pune’s reputation in the Pune GCC office market 2026, especially in the BFSI and fintech segments.

The company will pay a starting monthly rent of ₹1.73 crore. The agreement includes a 15% rent escalation every three years.

Over the nine-year tenure, this structured increase will significantly raise the total payout. In addition, ICE MT India has deposited ₹10.42 crore as security.

Such long-term commitments reflect confidence in the Pune corporate office demand and long-term stability of the location.

The leased premises include 715 parking spaces, comprising 238 car parks and 477 two-wheeler slots.

Adequate parking is a critical factor in large-format offices. It improves employee convenience and supports large workforce operations.

This feature enhances the attractiveness of Magarpatta Cyber City office leasing for global companies.

Each floor in Tower S3 offers more than 29,000 sq ft of usable space, while the seventh floor provides about 15,000 sq ft.

Large floor plates allow flexible workspace planning. Companies can design collaborative zones, training areas, and technology labs efficiently.

Such layouts suit GCC operations that require scalable and adaptable environments.

The premises have been leased from Axis Max Life Insurance Limited, which owns the property.

Institutional ownership ensures professional property management and long-term maintenance. For tenants, this reduces operational risks and enhances reliability.

This arrangement supports the credibility of the ICE MT India Pune lease deal.

Large transactions like this boost market confidence. They indicate stable absorption levels and sustained corporate interest.

Developers are encouraged to invest in Grade A buildings, while investors view such assets as low-risk opportunities.

The deal strengthens Pune’s image as a mature destination for Pune commercial real estate investment.

In December 2025, JP Morgan leased over 13 lakh sq ft in Mumbai’s Powai for its GCC. That remains one of India’s largest office transactions.

Compared to that, the ICE MT India deal is smaller but highly significant for Pune. It shows that large-format GCCs are not limited to metros alone.

Such deals support the impact of GCC expansion on Pune real estate market.

Pune offers a balanced combination of talent availability, lower operating costs, and quality of life.

The city performs well in BFSI, IT/ITeS, engineering, and manufacturing services. Educational institutions and research centres also contribute to skilled manpower.

These factors continue to attract multinational corporations.

According to industry reports, GCC leasing reached record levels in 2025. Pune accounted for nearly 15–20% of national activity.

This momentum is expected to continue as more firms look to optimise costs and expand offshore operations.

Projects offering sustainability features, digital infrastructure, and flexible layouts will dominate future demand.

Large office developments drive residential and retail demand nearby. Employees seek housing close to workplaces, boosting local markets.

Retail outlets, co-working spaces, and hospitality services also benefit.

Over time, such developments improve the overall economic profile of micro-markets like Magarpatta.

The transaction was formally registered and duly stamped, ensuring legal compliance and transparency.

Such documentation protects both parties and enhances investor confidence in commercial assets.

Transparent processes are essential for sustaining long-term growth.

Real estate analysts view this deal as a positive signal. The nine-year tenure indicates strong tenant commitment.

Experts believe Magarpatta will continue to attract similar large-scale occupiers in coming years.

This supports long-term stability in Pune GCC office market 2026.

With this new facility, ICE MT India is likely to expand its workforce and service capabilities in India.

The centre may become a strategic hub for technology and innovation within the group’s global network.

Such expansion strengthens Pune’s standing in the global outsourcing ecosystem.

Mortgage Technology’s large-scale lease in Magarpatta Cyber City marks a significant milestone for Pune’s commercial real estate sector. The long-term agreement, strong financial commitment, and focus on GCC operations reflect sustained corporate confidence in the city. As Pune continues to attract global firms, transactions like this will play a crucial role in shaping its future as a premier business and technology hub.

ICE MT India’s lease of nearly 1.93 lakh sq ft in Magarpatta Cyber City for over ₹217 crore highlights Pune’s growing role as a Global Capability Centre hub. With a nine-year tenure, structured rent escalation, and extensive parking facilities, the deal reflects strong corporate confidence. It strengthens Magarpatta’s position as a leading IT corridor and reinforces Pune’s attractiveness for multinational companies. The transaction is expected to boost investor sentiment and support long-term growth in the city’s commercial real estate market.