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) for a total rent of ₹217 crore, according to property registration documents accessed by Propstack.
The space has been leased from Axis Max Life Insurance Limited for nine years, according to the documents.
The company has taken space measuring 1.54 lakh sq ft of carpet area and 1.93 lakh sq ft of chargeable area in Tower S3, Magarpatta Cybercity. The space spans the underground floor, lower ground floor and seven floors, from level one to level seven, according to the documents.
The transaction was registered on December 29, 2025 for which a stamp duty of ₹4.42 crore was paid for registering the transaction.
The monthly rent for the office space is ₹1.73 crore, with a 15 per cent rent escalation every 3 years, the documents showed.
The company has paid a security deposit of ₹10.42 crore, according to documents.
The space was leased, along with 715 parking spaces, including 238 car parking spaces and 477 two-wheeler parking spaces, as per the documents.
According to the documents, the floor plate on each floor is over 29,000 sq ft, and on the seventh floor, it is 15,000 sq ft.
Email queries have been sent to Axis Max Life Insurance Limited and ICE MT India Private Limited. The story will be updated if a response is received.
“This transaction by ICE MT India reinforces the continued robust demand from Global Capability Centres (GCCs) 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,” said Raja Seetharaman, cofounder of Propstack.
Largest GCC leasing transaction in India
In one of India’s largest commercial office transactions, JP Morgan Services India Private Limited, in December 2025, had 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, for a total rent of about ₹5,200 crore, according to property registration documents accessed by CRE Matrix.
The property is expected to 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 had issued a statement 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, reflecting the evolution of a sophisticated ecosystem of specialised metropolitan hubs, each commanding distinct competitive advantages across critical industry verticals.
According to the report, 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.
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Global Capability Centres (GCCs) are specialised, offshore, or nearshore, company-owned centres established by multinational corporations (MNCs) to handle critical business functions like R&D, IT, engineering, and support services.
