US-based ICE Mortgage Tech leases nearly 2 lakh sq ft in Pune to set up GCC

American multinational financial services company Intercontinental Exchange, through its subsidiary ICE Mortgage Technology India, has picked up nearly 2 lakh sq ft of office space spread over a total 9 floors in a commercial tower in Pune’s Magarpatta Cybercity through a long-term lease to set up a global capability centre (GCC).

The company has taken space in Tower S3 of the business district from Axis Max Life Insurance in a fresh transaction.

The total chargeable area in the agreement is around 193,053 sq ft covering the lower ground floor, upper ground floor and floors one to seven of the building. The rental for the space has been fixed at Rs 90 per sq ft per month, translating into a monthly payout of about Rs 1.73 crore. The agreement includes a clause to escalate rentals by 15% every three years.


The company has paid a security deposit of around Rs 10.42 crore at the time of registration that took place in January, showed documents accessed through Propstack, a real estate data analytics platform.

The transaction underscores continued expansion of global capability centres in Pune, which has emerged as a major GCC destination after Bengaluru and Hyderabad.

Multinational firms, particularly in financial services and technology, are increasingly selecting the city due to its deep engineering talent pool, comparatively lower operating costs and established office micro-markets such as Magarpatta, Hinjewadi and Kharadi.

Intercontinental Exchange operates digital infrastructure and technology platforms for global mortgage and financial markets, and the India centre is expected to support product engineering, technology operations and back-end processing functions.

ET’s email query to ICE MT and Axis Max Life Insurance remained unanswered.

Pune has witnessed sustained leasing activity from multinational occupiers in recent years. Institutional owners, including insurance companies and funds, have been actively leasing Grade-A office buildings to large global tenants looking for scalable campuses and long-term operational stability.

The deal reflects a broader surge in multinational companies setting up global capability centres across India. Over the past few years, firms in banking, financial services, technology and engineering have expanded, using India not just for back-office operations but for product development, data analytics and research functions.

Availability of skilled talent, cost efficiencies and a mature office ecosystem have made cities such as Pune, Hyderabad and Bengaluru preferred hubs. Developers and institutional landlords are increasingly designing large, scalable Grade-A campuses to cater to these long-term occupiers, who typically sign multi-year leases and anchor commercial real estate demand.