Pune’s commercial real estate market witnessed a significant transaction as Asterope Properties Pvt Ltd, a subsidiary of K Raheja Corp, leased three office units totaling 1.5 lakh square feet at Aditya Shagun Infinity IT Park in Baner to Eaton Technologies Pvt Ltd, a subsidiary of Eaton Corporation. The lease agreement, registered on August 3, 2025, spans 10 years and carries a monthly rent of ₹1.65 crore.
According to property registration documents accessed via CRE Matrix, the lease includes a five-year lock-in period and provides for an annual rent escalation of 4.5%. The transaction also involved a security deposit of ₹9.90 crore. The lease will be executed in three phases with occupancy starting from July 15, 2025, followed by December 1, 2025, and January 15, 2026, respectively.
The stamp duty paid on this deal was ₹1.34 crore, alongside a registration fee of ₹1,000, reflecting the substantial nature of the lease. The office space is located within the prominent Aditya Shagun Infinity IT Park, a key commercial hub in the Baner area of Pune, known for its connectivity and infrastructure suited for IT and corporate tenants.
This leasing activity occurs amid a period of rapid growth and expansion in India’s commercial office market. According to a recent report by Knight Frank India, the country’s office stock is expected to surpass 1 billion square feet by the third quarter of 2025, positioning India as the fourth-largest office market globally.
The report highlights that India’s office space has expanded substantially from under 200 million square feet in the early 2000s. Factors contributing to this growth include India’s competitive rental market on a global scale, ongoing economic development, increasing institutional investment, and strong demand for office space from global companies.
Bengaluru, National Capital Region (NCR), and Mumbai Metropolitan Region (MMR) collectively account for around 60% of India’s total office stock. Meanwhile, Hyderabad, Pune, and Chennai contribute about 33%, emphasizing the prominence of major urban centers in driving office space demand. Ahmedabad and Kolkata make up the remaining 7%.
Pune’s real estate sector continues to attract corporate tenants, driven by its growing IT and technology industries, infrastructure development, and favorable business environment. The lease by Eaton Technologies adds to the increasing commercial office absorption in the city.
The phased commencement of the lease also suggests a strategic move by Eaton Technologies to expand its footprint in Pune’s growing office market, leveraging the modern facilities and location advantages offered by Aditya Shagun Infinity IT Park.
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