Tech Mahindra Limited has signed a landmark lease for 3.97 lakh sq ft of premium office space at Aparna Technopolis, a leading IT park located in Kondapur, Hyderabad. The lease, registered on June 11, 2026, was uncovered through documents accessed by CRE Matrix. Over the full 10-year tenure, Tech Mahindra Hyderabad is committed to paying a total rent of approximately ₹410.93 crore, marking one of the most significant office space transactions in the city's recent history. The deal underscores the company's long-term confidence in Hyderabad as a strategic operational base.
Location and Property Details
The Tech Mahindra Hyderabad office is situated within Aparna Technopolis, an IT park developed by Aparna IT Hub LLP. The leased premises span the entire 12th to 15th floors across Blocks A and B of the complex. Aparna Technopolis holds an approximate leasable carpet area of 18.25 lakh sq ft, making it one of the larger and more prominent office developments along Hyderabad's IT corridor. The Kondapur micro-market, where this property is located, has emerged as a key destination for large-format corporate and technology occupiers in recent years, with strong connectivity and established infrastructure supporting its appeal.
Financial Terms of the Lease
The lease agreement stipulates an initial monthly rent of ₹3.06 crore, which translates to approximately ₹77 per sq ft per month. As part of the financial arrangement, Tech Mahindra has deposited a security amount of ₹18.36 crore. The deal also includes access to 400 dedicated car parking spaces within the IT park, a significant operational benefit given the scale of the office space in Kondapur, Hyderabad being occupied. The agreement further provides for a 15% rent escalation clause every three years, ensuring structured growth in rental income for the landlord over the duration of the lease.
Tenure and Key Timelines
According to the registered lease documents, the tenancy is set to commence on September 10, 2026, and will run through December 9, 2035. The agreement was executed for a 10-year tenure, reflecting Tech Mahindra's strategic intent to establish a stable, long-term operational presence at this location. The lease is structured on a warm-shell basis, meaning the landlord, Aparna IT Hub LLP, has already provisioned essential infrastructure including 100% power backup and air-conditioning up to the AHU (Air Handling Unit) rooms, reducing the fit-out burden on the tenant.
Right of First Refusal on Additional Space
Beyond the primary lease, Tech Mahindra Hyderabad has also been granted a Right of First Refusal (ROFR) on the 18th floor of Aparna Technopolis - classified as a super built-up area - for the first 12 months of the lease term. This clause means that if the 18th floor is made available for leasing within that period, it must first be offered to Tech Mahindra before any other prospective tenant can negotiate for it. This provision signals the company's potential interest in further expanding its footprint at the same campus as its operational needs evolve.
Commercial Real Estate Impact
This transaction is a strong reflection of the growing confidence that large enterprises are placing in Hyderabad as a long-term commercial destination. The city's office market has been witnessing steady momentum, with major technology and IT-BPM companies increasingly gravitating toward well-established micro-markets like Kondapur for their large-format space requirements. Demand for premium office space in Kondapur, Hyderabad has remained robust, backed by the area's strong infrastructure, skilled talent availability, and proximity to other key business hubs.
Rents across Hyderabad's prime office corridors have been on a consistent upward trajectory, signaling healthy occupier demand and tightening supply in top-grade developments. Tech Mahindra's decade-long commitment at Aparna Technopolis is not just a business decision - it is a vote of confidence in Hyderabad's commercial real estate story, and a signal that the city's position as one of India's leading office markets continues to strengthen.
SOURCE: Hindustan Times
Also Read
