K Raheja Corp’s subsidiary leases three commercial office units in Pune to Eaton Technologies for a rent of ₹1.65 crore

Pune real estate update: K Raheja Corp’s subsidiary has leased commercial office space at Aditya Shagun Infinity IT Park in the Baner area for a 10-year term

K Raheja Corp’s subsidiary, Asterope Properties Pvt Ltd, has leased three office units in Pune’s Baner area to Eaton Technologies Pvt Ltd, a subsidiary of Eaton Corporation, for 10 years at a monthly rent of ₹1.65 crore, according to property registration documents accessed by CRE Matrix.

Pune real estate update: The 10-year lease includes a five-year lock-in period and an annual rent escalation of 4.5%. Documents indicate a security deposit of ₹9.90 crore. (Picture for representational purposes only) (Pexels)

Documents show that the commercial office space measuring 1.50 lakh sq ft is located in Aditya Shagun Infinity IT Park in the Baner area of Pune.

They showed that the transaction was registered on August 3, 2025, for which a stamp duty of ₹1.34 crore and a registration fee of ₹1,000 were paid.

The 10-year lease includes a five-year lock-in period and an annual rent escalation of 4.5%. Documents indicate a security deposit of ₹9.90 crore. The lease will commence in three phases - July 15, 2025 (first phase), December 1, 2025 (second phase), and January 15, 2026 (third phase).

An email query sent to Asterope Properties Pvt Ltd did not receive a response, and Eaton Technologies Pvt Ltd could not be reached for comment. The story will be updated if a response is received.

India’s commercial office market stock is projected to become the fourth largest

India’s office stock is set to cross 1 billion sq ft by Q3 2025, positioning it as the fourth-largest office market globally, according to a report by Knight Frank India.

This milestone reflects the sector’s rapid expansion from under 200 million sq ft in the early 2000s, driven by India’s status as an affordable ‘sub-dollar’ rental market in the global context, alongside sustained economic growth, rising institutional investment, and strong resilience in global office demand, the report said.

Bengaluru, NCR, and MMR together account for 60% of India’s total office stock, while Hyderabad, Pune, and Chennai contribute another 33%. The remaining 7% is concentrated in Ahmedabad and Kolkata, highlighting the urban-centric nature of India’s office market expansion, the report said.