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The ArcelorMittal Global Capability Centre (GCC) has leased approximately 1 lakh sq ft of office space at Nalanda SEZ IT Park in Hinjewadi, Pune, through two separate lease agreements, which will increase its total monthly rent to around ₹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.
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.
GCCs, also known as global in-house centres or captives, are offshore units of large multinationals that handle technology, analytics, operations and other strategic functions.
A list of questions has been sent to ArcelorMittal Global Capability Center and Nalanda Shelter Private Limited. The story will be updated if a response is received.
Maharashtra’s GCCs push
The Maharashtra cabinet on September 30, 2025, approved the Global Capability Centre (GCC) Policy 2025, which aims to accelerate economic development through large-scale infrastructure creation, administrative efficiency, and high-value investment, according to a report by PTI.
The policy, cleared at a cabinet meeting chaired by Chief Minister Devendra Fadnavis, is expected to attract investments of ₹50,600 crore and generate nearly four lakh jobs between 2025 and 2030.
According to a statement issued by the Chief Minister’s Office (CMO), India currently hosts over 1,900 GCCs employing around 19 lakh people, with Maharashtra accounting for about 400 centres and nearly four lakh jobs. The new policy targets the addition of another 400 GCCs across the state, with a strong focus on tier-2 and tier-3 cities, such as Nashik, Nagpur, and Chhatrapati Sambhajinagar, helping to decentralise growth beyond Mumbai and Pune.
Fadnavis said on December 12 that global asset manager Brookfield is set to invest around ₹9,000 crore to create a global capability centre (GCC) facility in the state.
Fadnavis stated that a formal agreement for the GCC, which is expected to create a total of 45,000 jobs, will be signed in due course, noting that the government and Brookfield have finalised a plan during their discussions, as reported by PTI.
Also Read: Here’s why Hyderabad is outpacing Bengaluru in attracting Global Capability Centres
Hyderabad is one of the leading GCC hubs
With over 70 Global Capability Centres (GCCs) from companies such as Netflix, Eli Lilly, Costco and McDonald’s, Hyderabad is strengthening its position as a global innovation hub, with French cosmetics major L’Oréal also reportedly setting up its GCC in the city.
Real estate experts say Hyderabad is attracting record GCC investments due to its deep talent pool, sub-dollar office rents, supportive government policies and strong infrastructure, helping it capture nearly 40% of India’s new greenfield GCCs over the past three years, outpacing Bengaluru.
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