Embassy Pune Techzone Pvt Ltd of the Embassy Office Parks REIT has leased 1.23 lakh sq ft of commercial space in Pune to Volkswagen Group Technology Solutions India Pvt Ltd at a monthly rent of ₹66 lakh for five years, according to the property registration documents accessed by FloorTap.com
The 1.23 lakh sq ft commercial space is located in Embassy Tech Zone spread across 5th, 6th and 7th floors at Hinjewadi in Pune. Hinjewadi is one of the biggest IT hubs in the country. Embassy TechZone is a Grade A open campus office park in Pune located close to the Mumbai-Pune Expressway.
The area offers social infrastructure and provides connectivity to both Mumbai and Pune CBD. There are residential apartments in the area that cater to the needs of the technology workforce, reads the website of Embassy Office Parks REIT.
The transaction was registered on May 20, 2024 for which stamp duty of ₹32 lakh was paid along with registration of ₹30,000, the documents showed.
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The property also comes with 123 car parking spaces for which the charges will be ₹2,500 per month per parking space, according to the documents.
The lease period for the transaction is for a period of five years from May 2024 to May 2029 and the rental period is from September 2024 to April 2029. Maintenance charges start at ₹15.18 per sq ft per month, the documents showed.
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The security deposit for the transaction is ₹3.99 crore. The lease agreement comes with a 15% rental escalation clause after 36 months from the commencement of rent. The per sq ft rent is ₹54 till the 37th month. Thereafter, the per sq ft rent will go up to ₹62.1 or ₹76.48 lakh per month, the documents added.
Email queries have been sent to both Embassy Office Parks REIT and Volkswagen Group Technology Solutions India Pvt Ltd. The story will be updated once a response is received from them.
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Office leasing market
At 15.8 million square feet, office leasing in India grew 16% year-on-year across the top-6 markets during the April-June period of 2024. Mumbai and Bengaluru drove the office demand with 52% share, according to a new report released by property consultancy Colliers.
