Ola Group has deepened its commitment to Bengaluru's commercial real estate by renewing leases for 4.27 lakh sq ft of office space at Prestige RMZ Star Tech in Koramangala, according to property intelligence platform Propstack. The renewals, registered on May 8, 2026, involve two separate agreements with landlord RMZ City Estates Pvt Ltd, underscoring the group's long-term presence in one of India's key tech hubs.
Lease Structure and Coverage
The two agreements cover distinct portions of the office campus. The first lease is by Ola Electric Technologies Pvt Ltd for 1.68 lakh sq ft, occupying the fourth, fifth, and sixth floors. The second, by ANI Technologies Pvt Ltd (the parent of ride-hailing platform Ola), covers 2.59 lakh sq ft across the ground floor and the first, second, third, seventh, and eighth floors. Both leases have a commencement date of October 16, 2025, and run for a five-year tenure.
| Agreement | Tenant | Area (sq ft) | Floors | Security Deposit (₹ crore) |
|---|---|---|---|---|
| 1 | Ola Electric Technologies Pvt Ltd | 1,68,000 | 4th, 5th, 6th | 4.54 |
| 2 | ANI Technologies Pvt Ltd | 2,59,000 | Ground, 1st, 2nd, 3rd, 7th, 8th | 11.54 |
Rental and Escalation Terms
The rentals have been fixed at ₹103.5 per sq ft per month, resulting in a combined monthly outgo of approximately ₹4.42 crore. Notably, this rate matches the rent reflected in ANI Technologies' 2023 lease agreement, indicating stable pricing for the property. The lease also includes a 15% rent escalation after three years. As a point of comparison, the original lease for the office campus, signed in January 2021, was at ₹90 per sq ft per month.
Security deposits were paid accordingly: Ola Electric Technologies deposited ₹4.54 crore, while ANI Technologies deposited ₹11.54 crore with the landlord.
Strategic Context
The renewal comes at a time when large occupiers continue to retain premium office assets in Bengaluru's established commercial hubs, even as many companies optimise their real estate portfolios amid changing workplace strategies. The decision to lock in a five-year term at a stable rate signals the Ola Group's steady operational presence in the city. Bengaluru remains a vital centre for technology and mobility companies, and the Koramangala micro-market continues to attract anchor tenants.
The lease renewals were finalised through Propstack-tracked registrations, and the exact terms highlight the ongoing demand for Grade A office space in India's IT corridors. For investors and analysts, the deal reinforces the resilience of well-located commercial properties in a market where hybrid work models are forcing corporates to reassess space needs.
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