A 10.89 lakh sq ft of commercial plot in Pune has been acquired by the Tech giant Microsoft Corporation (India) from Finolex Industries for a consolidated amount of Rs 328.84 crore.
10.89 lakh sq ft Leased For Rs 328.84 crore
The documents reveal that the plot is located at Pimpri Waghere in Pune and has been acquired through an agreement with Finolex Industries to transfer the lease for Rs 328.84 crore, the documents showed.
The data showed that a a stamp duty of Rs 16.44 crore was paid on the deal.
Raja Seetharaman, co-founder of Propstack said that “Pune is ideal for setting up large campuses due to the availability of quality real estate, affordable housing, and human resources. However, many corporates have preferred Bengaluru and recently Hyderabad for their expansions. This transaction could be the start of Pune emerging as a strong contender. I’m certain that we’ll have more such transactions over the next few quarters”.
In the month of June this year, over 400,000 square feet of space in a commercial building in Pune was leased by Mastercard Technology for 20 years with rent starting at Rs 4.12 crore per month.
Improved Net Absorption of Indian Office Space
Backed by strong supply completions with healthy pre-commitments, for the first nine months of 2022 (January-September 2022), the net absorption for India’s office space stood at a three-year high of 30.3 million sq ft.
As per the JLL’s Office Market Update-Q3, 2022, when it comes to the quarter-on-quarter (Q-o-Q) basis, the net absorption for the July-September quarter was up by 11 percent Q-o-Q and recorded at 9.86 million sq. ft.
The gross leasing activity in Pune stood at 3.7 million sq ft in Q1-Q3, 2022 over 2.3 million sq ft in Q1-Q3 2021, the report said.
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