Mindspace Business Parks REIT has renewed lease for 3.75 lakh sq ft in Commerzone in Pune’s Yerwada for ₹3.03 crore per month rent to Nvidia Graphics Private Limited, according to property registration documents accessed by Propstack
The lease agreement has been signed for a total of seven floors along with the partial ground floor of the commercial building. The tenure for the lease is 120 months with rental escalation of five per cent annually, according to the documents.
The per month rental for the 10 years goes up from ₹3.03 crore to ₹4.51 crore towards the end of the tenure in 2034.
The security deposit for the transaction registered on September 5, is six months of rent that goes to above ₹18 crore, according to the documents.
The lock in period for the transactions comes out to be 37 months and the property comes with 360 car parking spaces, the documents reveal.
An email query sent to Mindspace Business Park and Nvidia Graphics Private Limited did not get any response.
Pune real estate market commercial deals
In the recent past, Embassy Pune Techzone Pvt Ltd of the Embassy Office Parks REIT had 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
Also Read: Embassy Pune Techzone rents 1.23 lakh sq ft commercial space to Volkswagen Group Technology Solutions for ₹66 lakh
The 1.23 lakh sq ft commercial space leased in May 2024, 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.
Similar deal included automobile tyre manufacturer MRF has leased 3.85 lakh sq ft of warehousing space in the village of Sudvadi in Pune’s Mawal area at a monthly rent of ₹1.04 crore in April 2024, according to property registration documents accessed by CRE Matrix.
In another April 2024 deal, Bengaluru-based listed real estate developer Prestige Estates’ wholly owned subsidiary Prestige Exora Business Parks Ltd has purchased a 4.57-acre land parcel in Pune for ₹200 crore, according to property registration documents accessed by CRE Matrix. The land parcel is located in the Kharadi area of Pune, one of the busiest commercial districts in the city.
Also Read: Pune real estate land deal: Prestige Exora Business Parks buys 4.57-acre land parcel for ₹200 crore
Meanwhile, Pune real estate market reported a 3% year-on-year increase in property registrations from 13,397 in August 2024 compared to 13,021 in August 2023. The month-on-month registration number stood at 13,731 in July 2024, a decline of 2% compared to August 2024.
Also Read: Pune’s property registrations up by 3% YoY, 26% decline in the last four months
Pune’s property registrations witnessed a decline of 26% in the last four months between May to August compared to first four months of 2024 between January to April, according to the data of Maharashtra government’s Department of Registrations and Stamps – the Inspector General of Registration and Controller of Stamp (IGR).
