Temasek-backed healthcare major Manipal Health Enterprises Private Limited has leased a multi-speciality hospital building in Bengaluru for nearly 30 years at a transaction valued at approximately ₹816 crore, documents accessed by Propstack showed.
The property comprises three basement levels, a ground floor and 10 upper floors, the documents showed.
The lease agreement commenced on November 1, 2025, and has been signed for a period of 29 years and 11 months. The landlord is listed as JKC Varma and others, the documents showed.
Under the lease agreement, Manipal Health will pay a monthly rent of ₹1.27 crore, translating to a lease rental of ₹52 per sq ft per month. The lease tenure is 29 years and 11 months, and the company has paid a security deposit of ₹7.64 crore for the property located in Venkatala, Yelahanka, the documents showed.
The agreement provides for a 10% rent escalation in the sixth year, followed by a 15% increase every three years thereafter, reflecting the long-term nature of the transaction and the growing demand for healthcare real estate in Bengaluru, it showed.
The deal reflects the growing trend of healthcare operators expanding across key cities through a combination of owned assets and long-term leased properties.
Manipal Health Enterprises Private Limited could not be reached for a comment.
“Historically, healthcare providers generally preferred a heavy-asset model, often buying land and building properties directly. However, to rapidly scale up and meet regional bed deficits, we may be seeing a strategic shift in which India’s top healthcare chains are pivoting toward an asset-light strategy,” said Raja Seetharaman, co-founder, Propstack.
By opting for ultra-long-term, Built-to-Suit (BTS) leases like this 30-year deal, hospital operators may be seeking to avoid multi-year greenfield construction timelines, conserve capital, and potentially channel their resources into cutting-edge medical tech and patient care rather than brick-and-mortar development, he said.
Other healthcare real estate transactions
Manipal Health Enterprises, backed by Temasek and TPG, acquired a 752 sq m land parcel with a hospital building in Mumbai’s Andheri for ₹495 crore. This completes the second leg of a broader ₹908 crore deal following an earlier ₹415 crore acquisition of a part of the same site two years ago, documents accessed by CRE Matrix showed.
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The transaction, which signals strong investor appetite for healthcare real estate in major Indian cities, includes a 752.77 sq m plot along with a constructed hospital building with a built-up area of 20,663.80 sq m, according to the documents.
The deal was registered on May 6, 2026, and involved a stamp duty payment of ₹29.22 crore, the documents showed.
The sellers in the transaction are Khubchandani Hospitals Private Limited, Khubchandani Properties and Investment Private Limited and Perfect Realty Private Limited.
Earlier in 2024, healthcare provider Manipal Hospitals, backed by Singapore’s Tamesek Holdings, had bought a hospital property in Mumbai’s Andheri for ₹415 crore, documents accessed by Propstack showed.
According to the document, the Deed of Transfer was registered on between the seller, Khubchandani Properties and Investment Private Limited, and the buyer, Manipal Health Enterprises Private Limited.
In September 2023,. The Emami Group now owns a 15 per cent stake in AMRI, according to media reports. In the same year, Singapore’s sovereign wealth fund Temasek Holdings bought a majority stake in Manipal Hospitals for $2 billion.
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