Smartworks leases over a million sq ft across four cities

Managed office space operator Smartworks Coworking Spaces Limited has leased over a million sq. ft. across four cities, two people aware of the development said.

The company has leased 110,000 sq. ft. in Kolkata, 200,000 sq. ft. in Bengaluru, 557,000 sq. ft. in Mumbai, and 165,000 sq. ft. in Pune in the April–June quarter.

The company’s portfolio reached 10.08 million sq. ft. of leased space as of June 30, 2025, with 0.70 million sq. ft. under fit-out and 1.07 million sq. ft. scheduled for handover in Q2 and Q3.

Since FY19, Smartworks has added 8.6 million sq. ft. across major cities, including Pune, Bengaluru, Hyderabad, and Mumbai.

Occupancy in operational centres remains above 83%, with committed occupancy above 89%.

Smartworks has two centres in Singapore with a total area of 35,036 sq. ft. It is present across Tier-1 and Tier-2 cities in India, including Bengaluru, Hyderabad, Chennai, Mumbai, and Pune.

The company has four leased centres in India exceeding 500,000 sq. ft. each, with the largest centre—approximately 700,000 sq. ft.—located in Vaishnavi Tech Park, Sarjapur, ORR, Bengaluru.

Most of the expansion in the portfolio is expected to mature in H2’26, further driving revenue growth and margin expansion.

On July 8, 2025, NGO Infrastructure Watchdog had filed an appeal before SAT, claiming the market regulator SEBI had not acted on its complaints against Smartworks. SAT dismissed the appeal summarily, citing no merit. Based on this, the NGO moved the Supreme Court.

Recently, the Supreme Court dismissed the civil appeal filed by the New Delhi Infrastructure Watchdog with a warning to the NGO for attempting to mislead the judiciary with fabricated documents, including a false email.

This ruling upholds the July 16, 2025, order of the Securities Appellate Tribunal (SAT), which had already dismissed the NGO’s petition. SAT reaffirmed that the Securities and Exchange Board of India (SEBI) had conducted a detailed review and confirmed that the declaration and documents of Smartworks are in order.