ArcelorMittal’s Global Capability Centre (GCC) has leased around 1 lakh sq ft of office space at Nalanda SEZ IT Park in Hinjewadi, Pune, through two separate agreements with Nalanda Shelter Private Limited. The leases will take the company’s total monthly rental outgo to about ₹62.6 lakh, according to lease documents shared by Propstack.

Both leases have been signed with Nalanda Shelter Private Limited, marking fresh occupancies at the IT park, according to a report by the Hindustan Times.

Under the first agreement, ArcelorMittal GCC has taken 25,581 sq ft on the ground floor of the building, with the lease commencing on May 15, 2025. The space, designed to accommodate around 300 seats along with cabins and meeting rooms, has been leased at a rental of ₹85 per sq ft per month, translating to a monthly rent of about ₹21.74 lakh. The tenure is for 60 months, with a 5% annual escalation, and no security deposit is required, the documents showed.

The second lease covers a larger area of 77,198 sq ft, spanning the third floor, and also commences on May 15, 2025. This space has been leased at a rental of ₹53 per sq ft per month for a period of five years, with a 15% escalation applicable every three years. The monthly rent is about ₹40.9 lakh. The agreement includes a security deposit of ₹2.05 crore, the documents showed.

As part of the second transaction, ArcelorMittal GCC has also secured a hard option to lease additional space measuring 61,506 sq ft on the second and third floors, providing flexibility for future expansion, the document showed.

Real estate experts say 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. Hinjewadi, one of Pune’s largest technology hubs, has seen steady leasing momentum driven by cost competitiveness, availability of SEZ-compliant infrastructure and a deep talent pool.

“ArcelorMittal’s lease of over 1 lakh sq. ft. in Pune is a strong testament to Maharashtra’s cementing status as a preferred destination for Global Capability Centers (GCCs). We are seeing a structural shift where global manufacturing and engineering giants are deepening their India footprint, moving beyond traditional IT hubs,” Raja Seetharaman, co-founder Propstack said.