Flexible workspace operator Smartworks Coworking Spaces Ltd renewed the lease for approximately 2.3 lakh sq ft of office space in the Madhapur area of Hyderabad at a gross rental value of approximately 2.3 lakh sq ft. ₹₹121 crore, according to property registration documents obtained by PropStack.
According to property registration documents, the company renewed the lease for 2.30 lakh square feet of office space on the eighth, ninth and tenth floors of Aurobindo Galaxy, a commercial development in Madhapur, Hyderabad.
The property is leased from Raidurgam Developers Limited by a lease agreement signed in March 2026.
Documents show SmartWorks will pay an initial monthly rent of approx. ₹Rs 1.75 crore for office space, converted into rental rate ₹Rs 75.90 per sq ft per month.
The lease was signed for a period of five years, during which the rent would increase by 15% after the first year and by 15% after the third year. Over the entire lease period, the total rental expense is estimated to be approximately ₹121 crores. As part of the transaction, Smartworks paid a security deposit ₹₹4.57 crore, documents show.
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Earlier, the company had taken this space on lease for a total of five years between 2021 and 2026 at a per month rent. ₹1.5 crores. The total rent paid in those five years was over ₹Rs 85 crore, PropStack said.
According to Propstack, the company also signed a lease for 2.31 lakh sq ft of space on the 5th, 6th and 7th floors in the same building in December 2021, with the lease renewal likely to come in the next few months.
An email query sent to Smartworks Coworking Space Ltd did not elicit any response. Story will be updated upon response. Raidurgam Developers Ltd could not be reached for comment.
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all about madhapur
Madhapur, located in the information technology corridor of Hyderabad, has emerged as one of the most sought-after office destinations in the country due to the presence of leading technology companies, multinational corporations and Global Competence Centers (GCCs). Amid Hyderabad’s growing prominence as a technology and business hub, the micro-market along with adjacent HITEC City, Gachibowli and Rayadurg is witnessing strong demand from occupiers.
Smartworks, a managed office space provider, is expanding its presence in cities including Bengaluru, Mumbai, Pune, Chennai, Delhi-NCR and Hyderabad.
In a recent transaction, the company leased 2.2 lakh sq ft in DLF Cyber City, Hyderabad in March 2026. In May 2026, the company announced its expansion into Bengaluru by leasing a new premises spread over 4.92 lakh square feet at Satva Abha on the city’s Outer Ring Road. The move is aimed at meeting the growing demand for large-format managed office complexes in key enterprise corridors.
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In April 2026, the company leased approximately 2 lakh square feet of office space on Sarjapura Main Road, Bengaluru, at a monthly rent. ₹Documents obtained by data analytical firm PropStack reveal Rs 1.94 crore over six years. The company took up approximately 200,000 square feet of space in the basement, ground floor, four upper floors and roof level of a commercial property located on Sarjapur Main Road, Ambalipura. The document shows that the property is owned by landlords Biwi Dayanand and Bharat Dayanand.
In June 2026, the company also announced the lease of over 400 seats at its Mumbai center to a Japanese NBFC subsidiary under a five-year agreement. The deal is expected to generate rental revenue of approximately ₹Rs 35 crore on lease period.
