Tech Mahindra has signed a 10-year lease for nearly 3.97 lakh sq ft of office space at Aparna Technopolis in Hyderabad’s Kondapur micro-market. According to documents accessed by CRE Matrix, the company is expected to pay approximately ₹410.93 crore in rent over the lease term.
The transaction highlights the sustained demand for large, Grade A office spaces among technology occupiers. It also reflects Tech Mahindra’s long-term commitment to Hyderabad as a key business and talent hub.
How Is the Tech Mahindra–Aparna Technopolis Lease Structured?
Tech Mahindra has leased approximately 3.97 lakh sq ft of office space across the 12th to 15th floors of Blocks A and B at Aparna Technopolis in Hyderabad’s Kondapur area under a 10-year lease agreement registered on June 11, 2026. The tenancy will commence on September 10, 2026, and continue until December 9, 2035.
The company will pay an initial monthly rent of ₹3.06 crore, equivalent to around ₹77 per sq ft per month, with the lease expected to generate approximately ₹410.93 crore in rental payments over the tenure. The agreement also includes a security deposit of ₹18.36 crore and a 15% rent escalation every three years, ensuring rental values remain aligned with prevailing market conditions.
What Additional Benefits and Expansion Rights Has Tech Mahindra Secured?
Beyond the leased office space, Tech Mahindra will receive 400 dedicated car parking spaces as part of the agreement. The company has also opted for a warm-shell office setup, allowing it to accelerate fit-outs and operational readiness. The landlord has already provided essential infrastructure, including 100% power backup and air-conditioning up to the Air Handling Unit (AHU) rooms. Consequently, Tech Mahindra can reduce fit-out timelines and accelerate occupancy of the leased space.
Additionally, Tech Mahindra has secured a Right of First Refusal on the 18th floor of Aparna Technopolis for the first 12 months. As a result, if the space becomes available for leasing during this period, the landlord must first offer it to Tech Mahindra before approaching other tenants. This provision provides the company with greater flexibility to expand within the same campus as its future space requirements evolve.
What Is Driving Hyderabad’s Strong Office Leasing Momentum?
Hyderabad’s office market continues to attract strong occupier demand. Gross leasing activity crossed 3.15 million sq ft in Q1 2026, driven largely by large office transactions. Deals exceeding 1 lakh sq ft accounted for a substantial share of total leasing, reflecting occupiers’ preference for larger and more consolidated workspaces.
Technology firms led leasing activity during the quarter. Flexible workspace operators and BFSI companies also recorded significant space take-up. At the same time, Global Capability Centres (GCCs) continued to expand their presence in the city. Hyderabad’s skilled talent base, mature office ecosystem, and growing supply of institutional-grade assets continue to support this demand.
Recent Transactions
The transaction points to sustained momentum in Hyderabad’s office market, particularly for large-format Grade A workspaces. Strong occupier demand, talent availability, and quality office stock continue to support market growth.
Earlier this year, in a similar transaction, Hartford Global Services leased 1.59 lakh sq ft of office space in Gachibowli, one of the city’s key IT corridors, for a monthly rent of ₹92.28 lakh.
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