HSBC plans major Bengaluru GCC campus with Prestige

London-based HSBC Holdings plc has signed a letter of intent with real estate developer Prestige Estates Projects Ltd for a 1.2 million sq. ft integrated campus in Bengaluru, one of the largest office leasing transactions in India this year and another sign that global capability centers (GCCs) are still driving demand for large, high-quality office space.

The proposed campus will be developed at Prestige JRC Signature Towers on Bengaluru’s Outer Ring Road, one of the city’s busiest corporate corridors.

HSBC will lease the space for 20 years, with a total rental outgo of about ₹3,000 crore, or roughly $317 million, Business Standard reported, citing people aware of the matter.

HSBC and Prestige did not comment on the rental value.

The campus is expected to bring together HSBC’s teams now spread across multiple locations in Bengaluru.

The arrangement will help HSBC consolidate its India GCC operations, with move-in expected next year, Mint reported.

The deal points to a wider trend in India’s office market. GCCs are still taking up large, high-quality spaces even after hybrid work changed how companies use offices.

For large banks, technology companies and multinational companies, India remains a base for engineering, analytics, risk, operations, compliance and product development teams at scale. Bengaluru remains central to that demand.

The city has long been India’s strongest market for technology-led office absorption, and large GCC transactions continue to cluster around established business districts such as the Outer Ring Road, Whitefield and North Bengaluru.

For HSBC, the new campus gives the bank a larger consolidated base in India at a time when global lenders are expanding technology and operations work in the country. India is no longer only a back-office location for many such firms. It increasingly houses teams working on risk systems, digital banking, cybersecurity, data, compliance and product support.

The agreement adds long-tenure rental visibility for Prestige Estates Projects to its commercial office portfolio. A 20-year lease with a global financial services tenant also strengthens the company’s position in Bengaluru’s premium office market, where developers are competing for large campus-style commitments from multinational occupiers.

The transaction also shows how the GCC story has moved beyond cost arbitrage. Companies are taking longer leases and building larger campuses because their India units are now embedded in core global functions. That gives office developers some protection from weaker demand in smaller, discretionary office requirements.

Bengaluru’s office market still faces pressure from traffic congestion, infrastructure delays, rising rentals and competition from Hyderabad, Chennai, Pune and newer GCC locations. But a lease of this size suggests that large occupiers are still willing to make long-term commitments where talent depth, transport access and building quality line up.