CitiCorp Signs 10-Year Lease for 7.7 Lakh Sq Ft Office Space in Pune’s Kharadi at ₹1,096 Crore
CitiCorp Signs 10-Year Lease for 7.7 Lakh Sq Ft Office Space in Pune's Kharadi at ₹1,096 Crore
CitiCorp Services India Pvt Ltd has made a major move in the Pune real estate market, securing a massive office space lease. The company has leased over 7.7 lakh sq ft of office space from Panchshil Business Spaces Pvt Ltd, spanning 10 floors at the Panchshil Business Hub in Kharadi. This deal, valued at approximately ₹1,096 crore, is one of the largest commercial office space rental transactions in Pune’s recent history.
The lease agreement, which spans a decade, was finalized through three separate transactions. The first transaction involved leasing 3.07 lakh sq. ft. across four floors (13th to 16th) at a monthly rent of ₹2.70 crore.
The second transaction involves leasing 2.34 lakh sq. ft. across the 10th, 11th, and 12th floors for 9.5 years at a starting monthly rent of ₹2.06 crore. The third transaction secures 2.29 lakh sq. ft. across the 7th, 8th, and 9th floors for 9 years at a starting monthly rent of ₹2.01 crore. All three transactions include a 15% rent escalation clause every 36 months.
The three transactions were registered on March 12th, with lease commencement dates staggered between April 1st, 2025, and April 1st, 2026. The deal also includes 770 car parking spaces and 1,185 two-wheeler parking spaces. Citicorp Services India Pvt Ltd paid ₹20.35 crore as a security deposit. The lock-in period for the three transactions is 4 to 5 years.
“The CitiCorp deal in Pune, involving over 770,000 sq. ft. at ₹88 per sq. ft., is a major transaction that highlights the continued strength and strategic relevance of Pune’s commercial real estate market, a trend we discussed in our Q4CY24 India Office report. This is one of the largest deals we’ve observed and reinforces Pune’s role as a prime location for corporate growth, especially when we consider the increase in large transactions over 100,000 sq. ft., which rose by 41%, particularly in Pune and Bengaluru,” said a founder of a real estate firm.
He further noted, “The scale of this 10-year, ₹1000 crore-plus commitment demonstrates the long-term confidence that large corporations have in Pune. This deal further supports our analysis and solidifies why Pune continues to be a preferred choice for strategic expansion.”
Commercial office space transactions in Pune’s real estate market:
Pune’s commercial real estate market is buzzing with activity, as several large office space deals have been finalized recently. One notable transaction involves Awfis, a co-working space company, securing a 2.7 lakh sq ft office space in Kharadi on a five-year lease. The space, located in Nyati Enthral 2, spans 17 floors and comes with an annual rent of ₹15.77 crore. The lease agreement commenced on January 1, 2025, and was officially registered on December 27, 2024.
In September 2024, Mindspace Business Parks REIT made headlines when they renewed a lease for a large office space in Pune’s Yerwada area. The 3.75 lakh square foot space in Commerzone was leased to Nvidia Graphics Private Limited for a monthly rent of ₹3.03 crore. This information came from property registration documents obtained by Propstack.
Meanwhile, Mumbai’s real estate market saw a major deal in August 2024. Global financial services giant Morgan Stanley leased a whopping 1 million square feet of office space for over nine years. The initial monthly rent for this space was ₹15.96 crore, according to property registration documents accessed through the real estate data analytics platform, Propstack.
Morgan Stanley Advantage Services Private Limited’s new office space is located in Oberoi Commerze III, spanning 16 floors in the Oberoi Garden City complex in Goregaon East, Mumbai. The total leasable area is a substantial 10.01 lakh square feet.
