Mumbai, March 26 -- In one of the largest commercial office rental deals in Pune's real estate market, CitiCorp Services India Pvt Ltd has leased over 7.7 lakh sq ft of office space from Panchshil Business Spaces Pvt Ltd. The 10-year lease is valued at approximately Rs 10.96 billion, according to property registration documents obtained by CRE Matrix, a real estate consultancy firm.
Lease Details The office space was leased in three separate transactions, covering different floors:
First Transaction: 3.07 lakh sq. ft. across the 13th, 14th, 15th, and 16th floors with a 10-year lease at an initial monthly rent of Rs 270 million. Second Transaction: 2.34 lakh sq. ft. on the 10th, 11th, and 12th floors, leased for 9.5 years at Rs 206 million per month. Third Transaction: 2.29 lakh sq. ft. across the 7th, 8th, and 9th floors, leased for 9 years at Rs 2.01 crore per month.
Each lease includes a 15% rent escalation clause every 36 months, ensuring structured rent increases over time.
Additional Features & Financial Commitments Parking: The lease includes 770 car parking spaces and 1,185 two-wheeler spaces, ensuring ample capacity for employees and visitors.
Security Deposit: CitiCorp has placed a Rs 203.5 million security deposit as part of the agreement.
Lock-in Period: The deals have a 4 to 5-year lock-in period, ensuring long-term stability for both parties.
Market Impact & Industry Insights This transaction is expected to significantly boost Pune's commercial real estate market, reinforcing the city's status as a key hub for corporate expansion.
The 10-year, Rs 10 billion-plus commitment underscores the long-term confidence major corporations have in Pune's growth potential.
With lease commencement staggered between April 1, 2025, and April 1, 2026, this transaction cements Pune's position as a prime destination for global businesses.
Published by HT Digital Content Services with permission from Construction World.