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Tata Consultancy Services (TCS) has signed a 15-year lease for 1 million sq ft of office space at Paradigm Rajapushpa in Hyderabad's Financial District, highlighting the city's growing prominence as a tech and business hub. The lease, starting October 1, 2024, carries a monthly rent of INR 4.3 crore with a 12% annual escalation and an initial 11-month rent-free period. TCS paid a security deposit of INR 26.22 crore. This move aligns with Hyderabad's rising demand for large office spaces, driven by Global Capability Centers and tech firms. With 12 million sq ft leased in 2024, Hyderabad's commercial real estate sector continues its strong growth trajectory.
Tata Consultancy Services (TCS) has secured a substantial 15-year lease for approximately 1 million sq ft of office space in Hyderabad's Financial District, underscoring the company's confidence in the city's burgeoning status as a technology and business hub. The leased property, Paradigm Rajapushpa, developed by Rajapushpa Asset Management LLP and Paradigm Corporation Pvt. Ltd., spans 19 floors, including five basements, a ground floor, and 18 office floors. Advertisement
The lease agreement stipulates a monthly rent of INR 4.3 crore, equating to INR 43 per sq ft, with a 12% annual rent escalation. TCS has made an upfront security deposit of INR 26.22 crore, covering six months' rent. The lease commenced on October 1, 2024, and includes a rent-free period for the first 11 months, providing TCS with a strategic advantage as it plans its expansion.
This move aligns with Hyderabad's growing appeal as a destination for Global Capability Centers (GCCs) and technology firms. In 2024, the city witnessed significant leasing activity, with over 12 million sq ft of office space absorbed, driven by sectors such as technology, pharmaceuticals, and financial services. The demand for large office spaces, particularly those exceeding 100,000 sq ft, has been on the rise, reflecting the city's robust infrastructure and skilled talent pool.
As the city continues to attract global corporations, the commercial real estate market is poised for sustained growth, with infrastructure development and a skilled workforce further enhancing its appeal. This development signifies a positive trajectory for Hyderabad's commercial real estate sector, positioning it as a key player in India's urban landscape.
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