CitiCorp Services India Pvt Ltd leases 7.7 lakh sq ft office space in Pune's Kharadi for ₹1,096 crore for 10 years
CitiCorp Services India Pvt Ltd has leased commercial office space in Panchshil Business Hub, at Kharadi, in Pune, spread across 10 floors
In one of the largest commercial office space rental deals in the Pune 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 for approximately 10 years, for a total rent of around ₹1,096 crore, according to property registration documents accessed by CRE Matrix.
The commercial office space in Panchshil Business Hub at Kharadi, Pune spans 10 floors between levels 7 and 16.
The commercial office space was leased through three separate transactions, with the following details:
In the first transaction, 3.07 lakh sq. ft. across the 13th, 14th, 15th, and 16th floors was leased for 10 years, starting at a monthly rent of ₹2.70 crore.
The second transaction involved leasing 2.34 lakh sq. ft. of space on the 10th, 11th, and 12th floors for 9.5 years, with a monthly rent starting at ₹2.06 crore.
In the third transaction, 2.29 lakh sq. ft. across the 7th, 8th, and 9th floors was leased for 9 years, with monthly rent starting at ₹2.01 crore.
All three transactions include a 15% rent escalation clause every 36 months, as per the documents reviewed.
The three transactions were registered on March 12, and the lease commencement date is in phases for all three transactions between April 1, 2025, and April 1, 2026, the documents show.
According to the documents, the commercial office space was leased along with 770 car parking spaces and 1,185 two-wheeler parking spaces.
Citicorp Services India Pvt Ltd paid ₹20.35 crore towards security deposit. The lock-in period for the three transactions is 4 to 5 years, as shown in the documents.
"This Citi Corp deal in Pune, securing over 770,000 sq. ft. at ₹88 per sq. ft., is a landmark deal. It underscores Pune's commercial market's continued strength and strategic importance, which we highlighted in our Q4CY24 India Office report. It is one of the largest transactions we have seen. It further solidifies Pune's position as a prime destination for corporate expansion, particularly when we observe the overall trend of large transactions exceeding 100,000 sq. ft., which saw a 41% increase, especially in Bengaluru and Pune," said Abhishek Kiran Gupta, CEO and co-founder, CRE Matrix.
Gupta added, "The sheer scale of the 10-year, ₹1000 crore-plus commitment demonstrates the long-term value and confidence major corporations place in Pune city. This deal reinforces our analysis and affirms why Pune remains a top choice for strategic growth."
CitiCorp Services India Pvt Ltd did not comment. An email query has been sent to Panchshil Business Spaces Pvt Ltd.
Pune real estate market's commercial office space transactions
Several big-ticket commercial office space transactions have been registered in Pune of late.
Co-working space firm Awfis took up 2.7 lakh sq ft commercial office space on lease in Pune's Kharadi area for an annual rent of ₹15.77 crore for five years, according to property documents accessed by Propstack.com
The commercial space is spread across 17 levels in a building named Nyati Enthral 2, located in the Kharadi area of Pune. The documents show that the lease commenced on January 1, 2025, and the transaction was registered on December 27, 2024.
Also Read: Pune real estate land deal: Prestige Exora Business Parks buys 4.57-acre land parcel for ₹200 crore
In September 2024, Mindspace Business Parks REIT was in the news for having renewed a 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.
Meanwhile, in August 2024, the Mumbai real estate market registered one of the biggest commercial office space transactions.
This was to do with global financial services giant Morgan Stanley leasing 1 million square feet of office space for over nine years at a starting monthly rental of ₹15.96 crore, property registration documents accessed through real estate data analytics platform Propstack showed.
The space leased by Morgan Stanley Advantage Services Private Limited is spread across 16 floors in Oberoi Commerze III, located in Oberoi Garden City of Mumbai's Goregaon East suburb. The total chargeable area is 10.01 lakh square feet.
