Smartworks renews lease for 2.3 lakh sq ft office space in Hyderabad at a total rent of ₹121 crore

Smartworks Coworking Spaces Ltd has renewed its lease for 2.3 lakh sq ft office space in Hyderabad, committing to a total rent of ₹121 crore over five years

Flexible workspace operator Smartworks Coworking Spaces Ltd renewed the lease for around 2.3 lakh sq ft of office space in Hyderabad's Madhapur locality for a total rent of ₹121 crore, according to property registration documents accessed by Propstack.

Smartworks has renewed its lease for approximately 2.30 lakh sq ft of office space at Aurobindo Galaxy in Madhapur for five years. (Photo for representational purposes only) (Unsplash)

According to the property registration documents, the company renewed the lease for 2.30 lakh sq ft of office space across the eighth, ninth and tenth floors of Aurobindo Galaxy, a commercial development in Madhapur, Hyderabad.

The property has been leased from Raidurgam Developers Ltd by a lease agreement that signed in March 2026.

Documents show that Smartworks will pay a starting monthly rent of approximately ₹1.75 crore for the office space, translating into a rental rate of ₹75.90 per sq ft per month.

The lease has been signed for a five-year term, with a 15% rent escalation scheduled after the first and third years. Over the entire lease period, the total rental commitment is estimated at around ₹121 crore. As part of the transaction, Smartworks has paid a security deposit of ₹4.57 crore, according to documents accessed by CRE Matrix.

Earlier, the company had leased the space for a total of five years between 2021 and 2026 for a monthly rent of ₹1.5 crore. The total rent payout in those five years was over ₹85 crore, Propstack said.

According to Propstack, Smartworks had also leased another 2.31 lakh sq ft in the same building, spanning the 5th, 6th and 7th floors, in December 2021. The lease for that space is likely to come up for renewal in the coming months.

An email query sent to Smartworks Coworking Spaces Ltd did not receive a response. The story will be updated if a response is received. Raidurgam Developers Ltd could not be reached for comment.

All about Madhapur

Madhapur, located in Hyderabad's Information Technology corridor, has emerged as one of the country's most sought-after office destinations due to the presence of leading technology companies, multinational corporations and global capability centres (GCCs). The micro-market, along with nearby HITEC City, Gachibowli and Raidurg, continues to witness robust demand from occupiers amid Hyderabad's growing prominence as a technology and business hub.

Smartworks, a managed office space provider, has been expanding its presence across cities including Bengaluru, Mumbai, Pune, Chennai, Delhi-NCR and Hyderabad.

In recent transactions, the company leased 2.2 lakh sq ft in Hyderabad's DLF Cyber City in March 2026. In May 2026, the company announced its expansion in Bengaluru by leasing a new campus spanning 4.92 lakh sq ft at Sattva Aura on the city’s Outer Ring Road. The move is aimed at meeting rising demand for large-format managed office campuses across key enterprise corridors.

In April 2026, the company leased around 2 lakh sq ft of office space on Bengaluru’s Sarjapura Main Road for a monthly rent of ₹1.94 crore for six years, documents accessed by data analytical firm Propstack showed. The company took approximately 200,000 sq ft across the basement, ground floor, four upper floors and terrace level of a commercial property located on Sarjapur Main Road, Ambalipura. The property is owned by landlords BV Dayanand and Bharath Dayanand, the document showed.

In June 2026, Smartworks announced a five-year agreement to provide more than 400 seats at its Mumbai centre to the Indian subsidiary of a Japanese non-banking financial company (NBFC). The deal is expected to generate approximately ₹35 crore in revenue over the lease term.