Pune Real Estate: Awfis Secures 2.7 Lakh Sq Ft Commercial Space in Kharadi
Pune's commercial real estate market is witnessing significant activity, with co-working space firm Awfis leasing a 2.7 lakh sq ft space in Kharadi for an annual rent of ₹15.77 crore. The lease, which spans 60 months, includes a 18-month rent-free period
Pune Real EstateCommercial SpaceAwfisKharadiCoworking SpaceReal Estate NewsJan 11, 2025
The lease is for a period of five years and is spread across 17 levels in the Nyati Enthral 2 building.
The lease commenced on January 1, 2025, and the transaction was registered on December 27, 2024, according to property documents accessed by Propstack.com.
Awfis has paid a security deposit equivalent to six months of rent, and the lease includes a 18-month rent-free or fit-out period.
Additionally, the documents show a 15% rent escalation clause after three years.
An email query has been sent to Awfis and the Nyati Group for further details, and the story will be updated if a response is received.
Kharadi has been a hub of commercial activity, attracting both multinational and domestic companies.
According to local brokers, the area has seen commercial transactions getting sealed at a monthly per sq ft rent of around ₹90.
Companies like Deloitte, Wipro, Tech Mahindra, and Infosys have established a strong presence in Kharadi, making it a prime location for commercial real estate investments.
Recent commercial deals in Pune highlight the vibrant real estate market.
In November 2024, US-based business software maker CA (India) Technologies Private Limited renewed its 1.08 lakh sq ft commercial space lease in Kharadi with a subsidiary firm of Panchshil Realty for five years at an annual rent of over ₹12 crore.
In September 2024, Mindspace Business Parks REIT renewed the lease for 3.75 lakh sq ft in Commerzone in Pune's Yerwada to Nvidia Graphics Private Limited for a monthly rent of ₹3.03 crore.
Earlier, in April 2024, Bengaluru-based listed real estate developer Prestige Estates’ wholly owned subsidiary, Prestige Exora Business Parks Ltd, purchased a 4.57-acre land parcel in Pune for ₹200 crore.
Despite a slight YoY fall in property registrations and stamp duty collections in November 2024, Pune's commercial real estate market continues to attract significant investments and development.
The city's strategic location, robust infrastructure, and growing business environment are key factors driving the market.
Awfis, known for its innovative co-working spaces, has also announced plans to design, build, and operate a 1.65 lakh-square-foot office space in Mumbai for the National Stock Exchange.
This further cements the company's commitment to expanding its footprint in major Indian cities.
Frequently Asked Questions
What is the total area of the commercial space leased by Awfis in Pune?
Awfis has leased a commercial space of 2.7 lakh sq ft in the Kharadi area of Pune.
What is the annual rent for the leased space?
The annual rent for the leased space is ₹15.77 crore.
How long is the lease period?
The lease period is for 60 months, or five years.
What is the rent-free period included in the lease?
The lease includes a 18-month rent-free or fit-out period.
What is the rent escalation clause after three years?
The rent escalation clause after three years is 15%.
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