Mortgage Technology Leases 1.93 Lakh Sq Ft Space for Global Capability Centre in Pune
US-based Mortgage Technology's Indian subsidiary, ICE MT India Private Limited, has leased 1.93 lakh sq ft of office space in Pune's Magarpatta Cyber City to set up its Global Capability Centre (GCC). The lease, valued at ₹217 crore, has been signed with Axis Max Life Insurance Limited for a period of nine years, according to property registration documents accessed by Propstack.
The company has secured 1.54 lakh sq ft of carpet area and 1.93 lakh sq ft of chargeable area in Tower S3, Magarpatta Cybercity. The leased space spans the underground floor, lower ground floor, and seven floors from level one to level seven. The transaction was registered on December 29, 2025, with a stamp duty of ₹4.42 crore.
The monthly rent for the office space is ₹1.73 crore, with a 15% rent escalation every three years. Additionally, the company has paid a security deposit of ₹10.42 crore. The lease includes 715 parking spaces, comprising 238 car parking spaces and 477 two-wheeler parking spaces. Each floor has a floor plate of over 29,000 sq ft, with the seventh floor measuring 15,000 sq ft.
This transaction by ICE MT India underscores the strong demand from Global Capability Centres (GCCs) for large-format office spaces in Pune. The 9-year tenure and substantial deal value indicate long-term confidence in the Magarpatta micro-market as a premier IT corridor, according to Raja Seetharaman, cofounder of Propstack.
In one of India’s largest commercial office transactions, JP Morgan Services India Private Limited leased a built-to-suit office space spanning over 13 lakh sq ft in Mumbai’s Powai from an SPV in which Brookfield Properties holds a stake. The total rent for this space is approximately ₹5,200 crore, as per property registration documents accessed by CRE Matrix. This property will house the American investment banking firm’s global capability centre (GCC) in Powai, Mumbai, which will be the largest such GCC in Asia.
Brookfield Properties announced in December 2025 that it had entered into a built-to-suit lease agreement with JPMorgan Chase to develop the GCC in Mumbai’s Powai. JPMorgan Chase will be the sole occupier of the facility, with the lease structured for a 20-year tenure.
According to a recent report by JLL, India’s Global Capability Centers (GCC) leasing activity reached a record 31 million sq. ft in 2025. This reflects the evolution of a sophisticated ecosystem of specialized metropolitan hubs, each commanding distinct competitive advantages across critical industry verticals. Pune has secured 15-20% of the national GCC activity over the past four years, attracting major multinational corporations through superior quality-of-life metrics, talent availability, and strategic sector positioning. The city excels in BFSI, automotive, IT/ITeS, manufacturing, and engineering services.
Global Capability Centres (GCCs) are specialized, offshore, or nearshore, company-owned centers established by multinational corporations (MNCs) to handle critical business functions like R&D, IT, engineering, and support services. These centers play a crucial role in the global operations of MNCs and are increasingly becoming a significant part of India's real estate landscape.
