Awfis Secures 2.7 Lakh Sq Ft Lease in Pune’s Kharadi for ₹15.77 Crore Annual Rent
Co-working firm Awfis has leased a large commercial space of 2.7 lakh sq ft in Pune’s Kharadi area. The lease agreement is set for a five-year tenure, with an annual rent of ₹15.77 crore, according to property documents accessed via Propstack. This deal highlights the continued demand for flexible office spaces in key business hubs across India.
The leased property is located in Nyati Enthral 2, a commercial building situated in Kharadi, one of Pune’s prominent business districts. Spread across 17 levels, the commercial space will enable Awfis to strengthen its presence in Pune’s growing co-working market. The lease officially began on January 1, 2025, and the transaction was registered on December 27, 2024.
As part of the agreement, Awfis has deposited a security amount equivalent to six months of rent. The lease includes a rent-free or fit-out period of 18 months, providing Awfis with the flexibility to customize the space to meet operational needs before commencing full rent payments. Additionally, the lease has a 15% rent escalation clause, applicable after three years.
This recent lease complements Awfis's ongoing expansion strategy in major cities. In November 2024, the company announced securing a mandate to design, build, and operate a 1.65 lakh sq ft office space for the National Stock Exchange in Mumbai. The move into Kharadi further underscores the increasing importance of Pune’s commercial real estate market, which continues to attract both multinational corporations and domestic firms.
Kharadi has grown into a key business hub over the years, supported by its proximity to the airport and strong infrastructure. The area is home to major companies such as Deloitte, Wipro, Tech Mahindra, and Infosys. Local brokers report that commercial leases in Kharadi are typically sealed at monthly rents of around ₹90 per sq ft, making it a competitive and lucrative market for both investors and operators.
Recent transactions in Pune highlight the region's robust commercial real estate activity. For instance, in November 2024, CA (India) Technologies Private Limited renewed its lease for a 1.08 lakh sq ft space in Kharadi for five years at an annual rent exceeding ₹12 crore. Similarly, Mindspace Business Parks REIT renewed a lease for 3.75 lakh sq ft in Commerzone, Yerwada, for Nvidia Graphics Private Limited at a monthly rent of ₹3.03 crore.
Developers and real estate firms continue to show strong interest in Pune’s commercial market, driving significant investments in the city. For instance, Prestige Exora Business Parks Ltd, a subsidiary of Prestige Estates, made a notable acquisition in April 2024, purchasing a 4.57-acre land parcel for ₹200 crore. This strategic move underscores the city's growing appeal as a hub for commercial development, reflecting confidence in Pune's potential for business and economic growth.
=Awfis's decision to lease space in Kharadi aligns with the increasing demand for flexible office solutions across cities like Pune. With co-working spaces becoming an integral part of the post-pandemic office ecosystem, the company is strategically positioning itself to meet the needs of businesses seeking agile work environments.
