HSBC Software Development India has taken a five-year lease on several floors in a building in Pune, at a starting monthly rental of Rs 4.6 crore, registration documents showed.
The company, a unit of HSBC Bank, provides software solutions for banking services. It serves customers worldwide and offers insurance, data processing, private equity, investment banking, software development, and audit services.
The lease commences on October 1, 2023, and the rent will remain the same up to September 30, 2026. For the next two years, the monthly rent will escalate to about Rs 5.3 crore, according to details accessed by data analytics firm Propstack and seen by businessline. Both parties are locked-in for the entire tenure of the lease.
The total area leased is over 5.2 lakh square feet. The back-office unit will occupy two floors in one wing and nine floors in the other wing. The lease rent includes space for cafeteria and utility spaces.
The office premises has been leased from Panchshil Corporate Park, and the building project has been designated as a private information technology park, named ‘Business Bay’.
Propstack co-founder Raja Seetharaman said the transaction was an affirmation of HSBC’s commitment to India and will help clients navigate their journey at scale. It also provides HSBC an opportunity to harness deep technical skills by collaborating with several top engineering universities and institutes in Pune, he added.