en.Wedoany.com Reported - Manipal Health Enterprises Private Limited has leased a multi-specialty hospital building in Bengaluru for nearly 30 years, with the transaction valued at approximately INR 8.16 billion (about 816 crore), according to documents accessed by Propstack.
The documents show that the property includes three basement levels, a ground floor, and ten upper floors. The lease agreement took effect on November 1, 2025, with a term of 29 years and 11 months. The lessor is JKC Varma and others. Under the lease agreement, Manipal Health will pay a monthly rent of INR 12.7 million (about 1.27 crore), equivalent to INR 52 per square foot per month. The company has paid a security deposit of INR 76.4 million (about 7.64 crore) for the property located in Venkatala, Yelahanka. The agreement stipulates a 10% rent increase in the sixth year, followed by a 15% increase every three years thereafter, reflecting the long-term nature of the transaction and the growing demand for medical real estate in Bengaluru. This deal reflects the trend of healthcare operators expanding in major cities through a combination of owned assets and long-term leased properties.
Raja Seetharaman, co-founder of Propstack, stated that healthcare providers typically prefer an asset-heavy model, often directly purchasing land and constructing properties. However, to rapidly expand and address regional bed shortages, top Indian hospital chains may be shifting towards an asset-light strategy. By opting for an ultra-long-term, 30-year built-to-suit (BTS) lease, hospital operators may hope to avoid multi-year construction cycles for new sites, conserve capital, and allocate resources to medical technology and patient care rather than physical development. Manipal Health Enterprises, backed by Temasek and TPG, has acquired a 752-square-meter plot and the hospital building on it in Andheri, Mumbai, for INR 4.95 billion (about 495 crore). This completes the second step of a total transaction valued at INR 9.08 billion (about 908 crore), following the earlier acquisition of a portion of the same plot for INR 4.15 billion (about 415 crore), according to documents accessed by CRE Matrix.
According to the documents, the transaction indicates strong investor interest in medical real estate in major Indian cities, involving a 752.77-square-meter plot and an existing hospital building with a built-up area of 20,663.80 square meters. The transaction was registered on May 6, 2026, with a stamp duty payment of INR 292.2 million (about 29.22 crore). The sellers are Khubchandani Hospitals Private Limited, Khubchandani Properties and Investment Private Limited, and Perfect Realty Private Limited. Earlier, in 2024, Manipal Hospitals purchased a hospital property in Andheri, Mumbai, for INR 4.15 billion (about 415 crore), according to documents accessed by Propstack. A transfer deed between the seller, Khubchandani Properties and Investment Private Limited, and the buyer, Manipal Health Enterprises Private Limited, has been registered. In September 2023, Manipal Hospitals acquired an 84% stake in AMRI Hospitals Ltd, owned by the Emami Group. According to media reports, the Emami Group now holds a 15% stake in AMRI. In the same year, Singapore sovereign wealth fund Temasek Holdings acquired a majority stake in Manipal Hospitals for USD 2 billion.
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