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.
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 was signed for a tenure of five years during which there will be a 15% escalation in the rent after the first year, and after the third year. Over the entire lease period, the total rental outgo is estimated to be around ₹121 crore. As part of the transaction, Smartworks paid a security deposit of ₹4.57 crore, the documents show.
Also Read:
Earlier, the company had leased the space for a total of five years between 2021 and 2026 for a per month rent of ₹1.5 crore. The total rent payout in those five years was over ₹85 crore, Propstack said.
According to Propstack, the company also signed a lease for another 2.31 lakh sq ft space in the same building on the 5th, 6th, and 7th floor in December 2021 for which the lease renewal may come up in the next few 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.
Also Read:
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 , 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 .
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.
Also Read:
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, the company also announced leasing more than 400 seats at its Mumbai centre to a Japanese NBFC subsidiary under a five-year agreement. The deal is expected to generate rental revenue of approximately ₹35 crore over the lease term.