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ArcelorMittal Global Capability Centre (GCC) Pvt Ltd has leased nearly 1 lakh sq ft of office space at Nalanda SEZ IT Park in Hinjewadi, Pune, in a deal that reinforces the city’s position as a key GCC hub in India.

The expansion involves two separate five-year lease agreements with Nalanda Shelter Pvt Ltd, with a total monthly rent of approximately ₹62.6 lakh, according to Propstack data.

Under the agreements, ArcelorMittal GCC has leased 25,581 sq ft on the ground floor at ₹85 per sq ft per month, translating to a monthly rent of ₹21.74 lakh, with a 5 per cent annual escalation and no security deposit. Additionally, the company has leased 77,198 sq ft on the third floor at ₹53 per sq ft per month, generating a monthly rent of ₹40.9 lakh, with a 15 per cent escalation every three years and a ₹2.05 crore security deposit. Both leases commenced on 15 May 2025.

The deal also includes a hard option for ArcelorMittal GCC to lease an additional 61,506 sq ft, providing flexibility for future expansion within the same IT park.

Real estate experts attribute the transaction to strong demand from multinational GCCs for large, scalable office spaces in Pune’s IT corridors. Hinjewadi’s SEZ-ready infrastructure, cost competitiveness, and deep talent pool make it an attractive location for GCCs.

The development aligns with Maharashtra’s GCC Policy 2025, which aims to attract significant investment and employment through large-scale GCC expansion across the state. Experts note that the transaction highlights continued demand from multinational occupiers for large-format office spaces in Pune’s IT corridors, particularly from GCCs seeking scalable campuses with long-term growth potential.

The Maharashtra government recently approved the Global Capability Centre (GCC) Policy 2025, which aims to attract investments of ₹50,600 crore and generate nearly four lakh jobs between 2025 and 2030. The policy targets the addition of 400 new GCCs across the state, with a focus on tier-2 and tier-3 cities.