Smartworks Secures 6 Lakh Sq Ft Office Space in Pune’s Balewadi for ₹4.48 Cr Per Month Rent
Smartworks Secures 6 Lakh Sq Ft Office Space in Pune's Balewadi for ₹4.48 Cr Per Month Rent
Managed office space provider Smartworks has leased 6.13 lakh sq ft at the 43 EQ office building in Pune’s western Balewadi suburb, starting at Rs 4.48 crore per month. The lease agreement, which covers the 4th to 18th floors of the building, was finalized in April, with the license period beginning on July 1. The starting rent is Rs 73 per sq ft per month, featuring an annual escalation rate of 4.77 percent, as reported by real estate data analytics firm CRE Matrix.
For the five-year license term, Smartworks has paid a security deposit of Rs 13.21 crore. License fee payments will begin on May 1, 2025.
Smartworks initially announced the lease in May but did not disclose the financial details at that time. The addition of the 43 EQ space increases Smartworks’ portfolio in Pune to over 3 million sq ft, contributing to its total managed portfolio of 8 million sq ft across major Indian cities including the National Capital Region, Mumbai, Bengaluru, Kolkata, Chennai, and Ahmedabad.
The Balewadi area, situated along the Mumbai-Bengaluru highway, has become a prominent hub for technology firms, startups, and global capability centers of major industries. Additionally, it has emerged as a key destination for retail and dining in recent years. The 43 EQ property leased by Smartworks is located near other properties managed by the company, as well as large leases secured by other office space operators in the area over the past few years.
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