ICE MT India Private Limited, Indian subsidiary of Mortgage Technology headquartered in the US, has leased an office space of 1.93 lakh sq ft for a nine-year tenure from Axis Max Life Insurance Limited in Magarpatta Cyber City, Pune. According to the property registration documents, the office space is leased to establish the firm's Global Capability Centre (GCC) with a total rent of ₹217 crore.

• Located in Pune's Magarpatta Cyber City, Tower S3, the carpet area of the office space leased is 1.54 lakh sq ft, whereas the chargeable area is 1.93 lakh sq ft.
• The documents show that the space is leased on the underground floor, lower ground floor and from the first floor to the seventh floor.
• The transaction includes 715 parking spaces, with 238 spaces allotted for the cars and 477 spaces for the two-wheeler vehicles.
• The rent of the office space is ₹1.73 crore per month, with a 15 per cent rent escalation after every 36 months.
• A stamp duty of ₹4.42 crore and a security deposit of ₹10.42 crore was paid by the company for the transaction registered on December 29, 2025.
• The floor area of every floor is more than 29,000 sq ft, while it is 15,000 sq ft on the seventh floor.

In December 2025, JP Morgan Services India Private Limited, had leased an office space of more than 13 lakh sq ft in Powai, Mumbai, from an SPV for a total rent of approximately ₹5,200 crore, partially owned by Brookfield Properties, making it one of India's largest commercial deals.

In December 2025, Brookfield Properties announced a built-to-suit lease deal with JPMorgan Chase to establish a Global Capability Centre (GCC) in Powai, Mumbai. The office space is leased for a period of 20 years, making JPMorgan Chase the sole occupier of the entire site. Upon completion, the Powai development will host the American bank's largest Asian Global Capability Centre.

Pune city continues to appeal to prominent multinational corporations because of excellent living standards and being a prime location for major industries such as automotive, IT/ITeS, BFSI, engineering and manufacturing, as per the report. The city has witnessed 15-20% nationwide GCC operations in the last four years.

India's Global Capability Centers (GCCs) reached a milestone in 2025 with a record 31 million sq ft of leased space. This surge demonstrates the growth of a mature network of specialized urban hubs, with each city offering unique strategic strengths tailored to specific industry sectors.

The record-breaking lease of 31 million sq ft in 2025, highlighted by major deals like ICE Mortgage Technology in Pune and JPMorgan Chase in Mumbai, underscores India's solidified status as a global technology powerhouse. By leveraging strategic sector positioning, superior talent availability, and specialized metropolitan hubs, the country has evolved beyond a back-office destination into a sophisticated ecosystem for high-value product engineering.

This surge in built-to-suit and long-term leasing activity through specialized SPVs signals a long-term commitment from global firms to anchor their most critical operations within India's high-growth urban corridors.