Pune real estate: MRF leases 3.85 lakh sq ft warehousing space in Pune at a monthly rent of ₹1.04 crore for five years

MRF leases 3.85 lakh sq ft warehousing space in Pune at ₹1.04 crore rent per month for five years, according to property registration documents

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, according to property registration documents accessed by CRE Matrix.

Automobile tyre manufacturer MRF has leased 3.85 lakh sq ft of warehousing space in the village of Sudvadi in Pune’s Mawal. (Picture for representational purposes only) (Pexels)

The property has been leased for a period of five years that is extendable for another five years. The property has been leased by NDR Tradehouse Pvt Ltd, according to the documents.

Apart from the ₹1.04 crore monthly rent, the common area maintenance for the property will be ₹3.85 lakh per month, the documents showed.

The security deposit for the transaction is ₹3.14 crore and there is an annual rental escalation clause of 4.5% built into it.

The lease agreement has a lock-in period of three years. The transaction was registered on April 18, 2024, according to the documents.

An email query sent to MRF and NDR Tradehouse Pvt Ltd did not get any response.

Pune real estate market is home to several automobile manufacturing units and ancillary materials required for the manufacturing.

In November 2023, Bajaj Auto had leased 7.63 lakh square metres of land from MIDC (Maharashtra Industrial Development Corporation) in Chakan, near Pune, for ₹53.43 crore, according to documents accessed by Proptstack.com.

The lease was for a period of 95 years. Bajaj Auto had paid a stamp duty of ₹3.92 crore for the deal.

In April 2024, Finolex Industries, a manufacturer of PVC pipes sold its leasehold rights of 25 acres of land for ₹470 crore to Terravista Developers Pvt Ltd in Pimpri near Pune. The land was leased to Finolex Industries by Maharashtra Industrial Development Corporation (MIDC) in Pimpri Industrial Area near Pune, according to documents accessed by CRE Matrix.

Recently, Pune was in the news for a 12,000 sq ft penthouse being sold in Pune for ₹37 crore making it the most expensive property deal in the city. The property is located in Lodha One, Bund Garden, a project by listed real estate developer Lodha that goes by the name Macrotech Developers, the company had said in a statement.