Tech Mahindra Limited has leased 3.97 lakh sq ft of office space at Aparna Technopolis, an IT park in Hyderabad’s Kondapur area, for a 10-year term at an initial monthly rent of ₹3.06 crore, according to documents accessed by CRE Matrix. The company is expected to pay a total rent of approximately ₹410.93 crore over the lease period.Tech Mahindra Limited has leased 3.97 lakh sq ft of office space at Aparna Technopolis, an IT park in Hyderabad’s Kondapur area, for a 10-year term at an initial monthly rent of ₹3.06 crore (Photo for representational purposes only) (Unsplash)The technology park is developed by Aparna IT Hub LLP. The transaction covers the entire 12th to 15th floors across Blocks A and B and has been executed for a 10-year tenure, the documents showed.The lease agreement, registered on June 11, 2026, stipulates an initial monthly rent of ₹3.06 crore, translating to about ₹77 per sq ft per month. Tech Mahindra has also deposited a security amount of ₹18.36 crore and will have access to 400 car parking spaces as part of the deal, the documents showed.According to the lease documents, the tenancy will commence on September 10, 2026, and continue until December 9, 2035. The agreement provides for a 15% rent escalation every three years.The lease signed by Tech Mahindra is based on a warm-shell arrangement, meaning the landlord has already provided essential infrastructure such as 100% power backup and air-conditioning up to the AHU (Air Handling Unit) rooms.Tech Mahindra has also been granted a Right of First Refusal on the 18th floor of Aparna Technopolis (super built-up area) for the first 12 months. In simple terms, if the space is to be leased out within this period, it must first be offered to Tech Mahindra before being made available to any other tenant, the documents showed.Aparna Technopolis has an approximate leasable carpet area of 18.25 lakh sq ft, making it one of the larger office developments in Hyderabad's IT corridor, according to the documents.Queries have been emailed to Tech Mahindra. The story will be updated if a response is received.Hyderabad commercial real estate marketHyderabad’s gross leasing volume (GLV) in the first quarter of 2026 has crossed 3.15 million sq ft, up 21.6% year-on-year from 2.59 million sq ft of leasing last year. The surge was driven largely by large office transactions, with deals exceeding 1 lakh sq ft accounting for 81% of the city's total leasing activity during the quarter, according to a Cushman and Wakefield report.Rents continued to rise across key office locations. Hyderabad's average stock-weighted rent increased 11.6% year-on-year to ₹92.2 per sq ft per month, the highest level recorded so far. Madhapur commanded the highest rents at ₹105.5 per sq ft, supported by limited availability and sustained demand. Gachibowli, meanwhile, remained a comparatively cost-effective destination with average rents of ₹72.3 per sq ft, it said.Sector-wise, IT-BPM firms led leasing activity with a 36% share, followed by flexible workspace operators at 30%. Banking, financial services and insurance (BFSI) companies accounted for 23% of total leasing as global financial institutions expanded their presence in the city.Global Capability Centres (GCCs) leased 0.83 MSF during the quarter, accounting for 26% of total office leasing and reinforcing Hyderabad's position as a major GCC hub. The report attributed the trend to the city's talent pool and mature office ecosystem.Also Read: Hyderabad real estate: Table space adds 5 lakh sq ft of managed office space in KokapetIn May this year, Uber India Systems Private Limited had leased nearly 9 lakh square feet of office space in Hyderabad for a total rent of ₹839 crore over 10 years, according to documents accessed by Propstack.Also Read: Uber leases over 9 lakh sq ft office space in Hyderabad for ₹839 crore rent over 10 years