HCA Global Services, the Indian arm of US hospital operator HCA Healthcare, has pre-leased about 6.44 lakh sq ft of office space at Mindspace IT Park in Hyderabad's Madhapur for 10 years, with total rent estimated at about ₹945 crore, according to lease documents accessed through data platform Propstack.
The deal, reported by the Economic Times on 11 November and detailed by PropNewsTime on 13 November, is described as one of the largest pre-lease agreements by value in India this year. A pre-lease is signed before a building is ready or handed over, letting a tenant lock in space early.
The HCA Hyderabad office lease in numbers
The lease covers 6,44,670 sq ft of chargeable area, equivalent to about 4.51 lakh sq ft of carpet area, across seven levels of Building No. 8: the lower ground floor and the 15th to 20th floors. Chargeable area includes a share of common spaces, while carpet area is the usable floor space.
Starting rent is about ₹7.09 crore a month, or ₹110 per sq ft of chargeable area. Rent rises 4.5% every year. HCA has paid a security deposit of ₹42.55 crore, equal to six months of the initial rent.
The lease begins on 1 September 2027. It includes an option to renew for another five years on the same terms, subject to conditions such as neither side having terminated for breach.
Who owns the building
The building is owned by K Raheja IT Park (Hyderabad) Private Limited, part of Mindspace Business Parks REIT, the listed office trust sponsored by K Raheja Corp. Neither HCA Healthcare nor K Raheja Corp responded to the Economic Times' queries at the time of its report.
Mindspace Madhapur spreads over 97.2 acres with 13.9 million sq ft of leasable area. Its tenants include Cognizant, Verizon, Qualcomm, AMD, L&T and HighRadius, and it is linked to the metro station by a skywalk.
Hyderabad's GCC-led office boom
HCA uses its Indian unit as a global capability centre (GCC), an in-house hub that runs technology and business services for the parent company. Such centres are now the main driver of Hyderabad's office demand.
GCCs leased 6.2 million sq ft in Hyderabad between January and September 2026, up 70% year on year and 47% of all office transactions in the city, according to Knight Frank India data cited in the report. Total office transactions rose to 13.1 million sq ft from 8.8 million sq ft a year earlier.
Other recent large deals in the city include TableSpace Technologies' lease of about 5.06 lakh sq ft and Canadian Imperial Bank of Commerce's 1.21 lakh sq ft of managed office space for its GCC.
What it means for investors and the city
For Mindspace REIT unitholders, a 10-year pre-commitment with fixed escalations adds visible rental income from 2027. For Hyderabad, large GCC leases tend to bring thousands of jobs to a micro-market, which supports rental housing demand in nearby areas such as Madhapur, Kondapur, Gachibowli and Kokapet.
For tenants, ₹110 per sq ft for a Grade A park in Madhapur is a useful reference point when negotiating office rents in western Hyderabad.
Sources
- PropNewsTime: HCA Global pre-leases 6.44 lakh sq ft at Hyderabad's Mindspace for INR 945 crore — published 13 November 2026.
- Economic Times (via FVBB): HCA Global pre-leases 6.44 lakh sq ft in Mindspace Hyderabad; rental outgo Rs 945 crore — published 11 November 2026.
Frequently asked questions
How much office space has HCA leased in Hyderabad?
HCA Global Services has pre-leased 6,44,670 sq ft of chargeable area (about 4.51 lakh sq ft carpet) in Building No. 8 at Mindspace IT Park, Madhapur.
What rent will HCA pay at Mindspace Hyderabad?
The starting rent is about ₹7.09 crore a month, or ₹110 per sq ft, rising 4.5% a year. Total rent over 10 years is estimated at about ₹945 crore.
When does the HCA lease start?
The lease begins on 1 September 2027 and runs for 10 years, with an option to renew for five more years.