Adar Poonawalla's Entity Buys Office Space in Pune for Rs 395 Crore
Adar Poonawalla-led Rising Sun Holdings has purchased commercial space in Pune's Kalyaninagar suburb for Rs 395 crore. The deal highlights the Poonawalla group's expansion in the real estate business, especially in Pune.
Adar PoonawallaPoonawalla GroupRising Sun HoldingsPune Real EstateCommercial SpaceReal Estate PuneSep 23, 2024
The seller in the transactions is Zavareh Soli Poonawalla, the brother of Adar's father Cyrus Poonawalla. Zavareh, like his brother and his nephew, sits on the board of vaccine maker Serum Institute of India, part of the larger Poonawalla group of companies. Adar is the chief executive officer of Serum Institute of India.
The acquired space has a total carpet area of nearly 1.76 lakh square feet and a built-up area of around 2.2 lakh square feet. The Kalyaninagar area, though largely residential, has a sizeable presence of offices, including technology, and banking and financial services.
The Poonawalla group has been expanding its real estate business in recent years, especially in Pune. It partnered with the Pune-based developer Panchshil Realty to set up the Business Bay in Pune's Yerwada suburb, as well as a hotel adjacent to it, with the hotel being managed under the Ritz-Carlton brand.
Adar Poonawalla is also the chairman of listed financial services player Poonawalla Fincorp Ltd. The deal is a significant investment in the real estate sector and highlights the group's growing interest in the industry.
A total of Rs 27.65 crore was paid as stamp duty for the transaction. The deal was made through four transactions, registered on September 11.
The Poonawalla group's expansion in the real estate sector is expected to have a positive impact on the industry, given its reputation and expertise in other sectors.
The deal is also expected to boost the commercial real estate market in Pune, which has seen significant growth in recent years.
Frequently Asked Questions
Who is the buyer of the commercial space in Pune's Kalyaninagar suburb?
Adar Poonawalla-promoted Rising Sun Holdings
What is the total value of the deal?
Rs 395 crore
Who is the seller of the commercial space?
Zavareh Soli Poonawalla, the brother of Adar's father Cyrus Poonawalla
What is the total carpet area of the acquired space?
Nearly 1.76 lakh square feet
What is the name of the IT park where the commercial space is located?
Cerebrum IT Park
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