Smartworks Renews Hyderabad Lease in ₹121 Crore Deal

Hyderabad's office market has just landed another vote of confidence. Smartworks has renewed its lease on roughly 2.3 lakh sq ft of space in the city's Madhapur locality, committing to a five-year term worth about ₹121 crore in total rent. The renewal, recorded in property registration documents accessed by Propstack, keeps the flexible-workspace operator anchored in one of India's busiest technology corridors. The move comes as demand for premium, large-format offices in the city shows little sign of cooling.

Inside the Smartworks Hyderabad lease

The space sits across the eighth, ninth and tenth floors of Aurobindo Galaxy, a commercial building in Madhapur, and has been taken from Raidurgam Developers under an agreement signed in March 2026. Smartworks will start with a monthly rent of around ₹1.75 crore, equivalent to ₹75.90 per sq ft, with the bill rising through built-in escalations of 15 per cent after the first year and again after the third. The company also lodged a security deposit of ₹4.57 crore.

A step up from the last deal

The renewal marks a notable rise from the previous arrangement. Between 2021 and 2026, Smartworks held the same floors at about ₹1.5 crore a month, with a total payout of more than ₹85 crore over five years. The fresh terms push the overall outgo to roughly ₹121 crore. Propstack notes that Smartworks signed for a further 2.31 lakh sq ft in the same building, across the fifth, sixth and seventh floors, back in December 2021, and that renewal could come up in the next few months.

Why Madhapur keeps drawing occupiers

Madhapur sits at the heart of Hyderabad's IT corridor and has become one of the country's most sought-after office destinations, home to leading technology firms, multinationals and global capability centres. Together with neighbouring HITEC City, Gachibowli and Raidurg, the micro-market continues to see strong demand as the city cements its status as a technology and business hub. That backdrop helps explain why an operator would commit to higher rents rather than look elsewhere.

A wider expansion push

The Hyderabad renewal is part of a broader run of deals. Smartworks has been widening its footprint across Bengaluru, Mumbai, Pune, Chennai and Delhi-NCR, alongside Hyderabad, where it also took 2.2 lakh sq ft at DLF Cyber City in March 2026. In Bengaluru, it leased a 4.92 lakh sq ft campus at Sattva Aura on the Outer Ring Road in May, and around 2 lakh sq ft on Sarjapura Main Road in April at ₹1.94 crore a month for six years. In June, it leased more than 400 seats at its Mumbai centre to a Japanese NBFC subsidiary in a five-year deal expected to bring in about ₹35 crore.

What the deal signals

Neither side commented publicly on the renewal. Smartworks did not respond to an email query, and Raidurgam Developers could not be reached. Even so, the deal underlines the appetite for large-format managed offices among flexible-workspace providers, who are increasingly catering to enterprises and global capability centres that want ready-to-use space at scale. With a second block in the same building due for renewal soon, Smartworks' commitment to Madhapur looks set to deepen further, reinforcing Hyderabad's pull as one of India's most active office markets.

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