Semiconductor major Qualcomm India Pvt Ltd has leased 2.56 lakh sq ft of office space in Bagmane Constellation Business Park in Bengaluru for a five-year period, involving a total rental outlay of ₹184 crore, according to documents accessed by real estate data analytics firm Propstack.
The lease agreement, registered in August, covers the 5th, 6th, 7th, and 11th floors of the Virgo Tower within the business park. The property is owned and developed by Bagmane Developers Pvt Ltd, one of Bengaluru’s leading office space developers known for its premium Grade A commercial projects.
As per the registration documents, the company will pay a monthly rent of ₹113 per sq ft, translating to approximately ₹2.89 crore per month, and has deposited a security amount of ₹5 crore. The agreement includes a 15% rent escalation clause every three years, a standard feature for long-term commercial leases in the city’s tech corridors. The lease term officially commenced on August 1, 2026.
Located in Mahadevapura along the city’s Outer Ring Road (ORR) corridor, Bagmane Constellation Business Park is among Bengaluru’s most sought-after office destinations, home to several multinational technology firms such as Amazon, Samsung, Google, and Deloitte. The park offers state-of-the-art facilities, sustainability features, and excellent connectivity to major residential and commercial hubs, making it a preferred location for global occupiers.
The Qualcomm lease adds to a string of large office transactions in Bengaluru’s prime micro-markets, underscoring the city’s continued leadership in India’s commercial real estate sector. Bengaluru has consistently accounted for the highest share of gross leasing activity in the country, driven by robust demand from technology and R&D companies.
Last year, Amazon Development Centre India Pvt Ltd renewed its lease for 6.76 lakh sq ft of office space in the Taurus 3 building of the same Bagmane Constellation Business Park. The five-year deal, registered on October 18, 2024, had a starting monthly rent of ₹4.92 crore and involved payment of ₹1.11 crore as stamp duty and ₹56.04 lakh as registration fee.
Similarly, BMW Techworks, a joint venture between BMW and Tata Technologies, leased 58,900 sq ft of office space in Bengaluru’s Whitefield area last year for a monthly rent of ₹1.04 crore, or ₹175.50 per sq ft. The lease included a security deposit of ₹5.21 crore and an annual rent escalation of 5%, reflecting the strong rental values of Bengaluru’s premium office submarkets.
In one of the largest transactions in recent quarters, semiconductor and display equipment firm Applied Materials signed a 10-year lease for 8.06 lakh sq ft of space in the ITPB-Endeavour (MTB 6) building in Whitefield. The deal, valued at ₹855 crore in total rent, carries a 15% rent escalation every three years and a security deposit of ₹35.8 crore. The lease commenced on April 1, 2025.
Real estate analysts say Bengaluru continues to attract global occupiers due to its talent pool, established IT infrastructure, and strong ecosystem of technology parks and R&D centres. The Outer Ring Road, Whitefield, and North Bengaluru corridors remain among the most active micro-markets for leasing by large technology, automotive, and semiconductor firms.
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