Intercontinental Exchange arm leases Pune GCC space for ₹1.73 crore a month

The company will pay monthly rent ₹1.73 crore, according to lease documents accessed by real estate data analytics firm Propstack. The agreement includes a 15 percent rent increase every three years.

The US-based firm, which provides digital technology, software and data services for the residential mortgage industry, has leased the space from Axis Max Life Insurance Ltd for nine years.

Raja Seetharaman, co-founder of Propstack, said: “This acquisition by ICE MT India reinforces the continued strong demand for large format office space in Pune from global talent hubs. The nine-year tenure and significant deal value points to the long-term confidence of the Magarpatta micro market as a leading IT corridor.”

Mint ICE MT India could not immediately be reached for comment.

GCCs are increasingly reshaping India’s commercial office market; Leases made by such companies reached a record 31 million m2 in 2025, up from 28 million m2 the previous year. IT-led cities like Bengaluru, Hyderabad and Pune continue to drive demand, but activity is slowly spreading beyond major metros.

While Bengaluru leads the GCC in office leasing, followed by Hyderabad, Pune accounted for 15-20% of national GCC activity in the last four years. According to real estate consultancy JLL India, the city has attracted the attention of multinational companies due to its quality of life advantages, talent availability and sectoral positioning. Pune has emerged as a strong hub in banking, financial services and insurance (BFSI), automotive, IT/ITeS, manufacturing and engineering services.

While Bengaluru leads the GCC in office leasing, followed by Hyderabad, Pune accounted for 15-20% of national GCC activity in the last four years. According to real estate consultancy JLL India, the city has attracted the attention of multinational companies due to its quality of life advantages, talent availability and sectoral positioning. Pune has emerged as a strong hub in banking, financial services and insurance (BFSI), automotive, IT/ITeS, manufacturing and engineering services.

“India’s Gulf Cooperation Council landscape has evolved beyond simple cost arbitrage, leveraging each city’s unique strengths. While over 90% of current GCC activity is concentrated in Tier I cities, these centers commanded 40% of all office leasing activity in the last decade, commanding over 263 million sq ft of Class A office stock in the top seven cities,” said Samantak Das, chief economist and head of research, JLL, REIS, India.

More than 200 new GCCs have entered India in the last two years and estimates suggest that the total GCC footprint will exceed 350 million square feet in the next three to four years. Much of this expansion was driven by US-based firms, which accounted for 70% of GCC demand between 2018 and 2025.