1.75 Lakh Sq. Ft. Office Space Acquired by Rising Sun Holdings in Pune for ₹395 Crore

In a significant move within the commercial real estate sector, Rising Sun Holdings Private Limited (RSHPL), owned by billionaire Adar Poonawalla, has acquired 1.75 lakh square feet of office space in Pune for an impressive ₹395 crore. This acquisition, registered on September 11, 2024, was detailed in property documents accessed through the real estate data analytics platform Propstack. The commercial space is located in the Cerebrum IT Park, a prominent business hub situated in the bustling Kalyani Nagar area of Pune.

Details of the Acquisition

The newly acquired office space spans four floors, with a built-up area totaling 2.19 lakh square feet in Building B1 of the Cerebrum IT Park. Alongside the office space, the deal includes provisions for parking, accommodating up to 218 cars in the basement units of buildings B1 and B2. This acquisition highlights the growing trend of substantial investments in Pune’s commercial real estate, particularly in well-established IT parks.

Cerebrum IT Park, developed by Kumar Builders, covers a total area of 1 million square feet and consists of three buildings—B1, B2, and BC—housing various companies from diverse sectors. This park is strategically located to cater to the burgeoning demand for office spaces in Pune, which has emerged as a hub for information technology and various service-oriented industries.

Background on Rising Sun Holdings

Incorporated in 1993, RSHPL serves as the investment holding company of the Cyrus Poonawalla Group. Adar Poonawalla, who is also the CEO of the Serum Institute of India, holds a majority stake in the company. This acquisition aligns with the group's strategic vision of enhancing its presence in key growth sectors, reflecting a broader trend of investment in commercial real estate as businesses adapt to evolving market demands.

This acquisition was executed through four separate deals, with a cumulative stamp duty of ₹27.65 crore and registration fees of ₹1.2 lakh. The seller in this transaction was Zavareh Soli Poonawalla, a businessman and brother of Cyrus S. Poonawalla, founder and Chairman of the Serum Institute of India. This connection underlines the interwoven nature of the Poonawalla family’s business ventures, reinforcing their influence in both the healthcare and real estate sectors.

Market Implications and Future Trends

The commercial real estate market in Pune has been on an upward trajectory, buoyed by increasing demand for office spaces from both domestic and international companies. Pune's strategic location, coupled with a robust educational infrastructure, has made it an attractive destination for IT companies and startups. The city’s appeal is further enhanced by a thriving ecosystem that supports innovation and entrepreneurship.

The recent acquisition by RSHPL is expected to stimulate further investments in Pune's commercial real estate sector. With companies looking to expand their operational footprints, there is a growing trend towards large-scale acquisitions in prime locations. This is not an isolated case; other notable deals include Microsoft’s acquisition of a 16.4-acre land parcel in Pune's Hinjewadi for ₹520 crore, underscoring the city's attractiveness to major tech firms.

Image source- adarpoonawalla.com