Pune Real Estate Market Sees Significant Deals with Mindspace Business Parks and Nvidia Graphics
Mindspace Business Parks renews lease deal with Nvidia Graphics for 3.75 lakh sq ft in Commerzone, Pune. Embassy Pune Techzone also leases 1.23 lakh sq ft to Volkswagen Group Technology Solutions.
Pune Real EstateMindspace Business ParksNvidia GraphicsEmbassy Office ParksEmbassy TechzoneReal Estate NewsSep 23, 2024
The lease agreement has been signed for a period of 10 years, with a security deposit of over ₹18 crore. The tenure for the lease is 120 months, with a rental escalation of five per cent annually. The per month rental for the 10 years goes up from ₹3.03 crore to ₹4.51 crore towards the end of the tenure in 2034.
The property comes with 360 car parking spaces, and the lock-in period for the transaction is 37 months. An email query sent to Mindspace Business Park and Nvidia Graphics Private Limited did not receive any response.
In another deal, Embassy Pune Techzone Pvt Ltd of the Embassy Office Parks REIT leased 1.23 lakh sq ft of commercial space in Pune to Volkswagen Group Technology Solutions India Pvt Ltd at a monthly rent of ₹66 lakh for five years. The 1.23 lakh sq ft commercial space is located in Embassy Tech Zone, spread across the 5th, 6th, and 7th floors at Hinjewadi in Pune.
Hinjewadi is one of the biggest IT hubs in the country. Embassy TechZone is a Grade A open campus office park in Pune, located close to the Mumbai-Pune Expressway.
Meanwhile, Pune real estate market reported a 3% year-on-year increase in property registrations from 13,397 in August 2024 compared to 13,021 in August 2023. The month-on-month registration number stood at 13,731 in July 2024, a decline of 2% compared to August 2024.
Pune's property registrations witnessed a decline of 26% in the last four months between May to August compared to the first four months of 2024 between January to April, according to the data of Maharashtra government's Department of Registrations and Stamps – the Inspector General of Registration and Controller of Stamp (IGR).
Mindspace Business Parks REIT is a real estate investment trust that owns and operates a portfolio of office spaces in India. Nvidia Graphics Private Limited is a subsidiary of the US-based technology company Nvidia Corporation.
Embassy Office Parks REIT is a real estate investment trust that owns and operates a portfolio of office spaces in India. Embassy TechZone is one of its flagship projects in Pune.
Mindspace Business Parks REIT is a real estate investment trust that owns and operates a portfolio of office spaces in India.
Nvidia Graphics Private Limited is a subsidiary of the US-based technology company Nvidia Corporation.
Embassy Office Parks REIT is a real estate investment trust that owns and operates a portfolio of office spaces in India.
Embassy TechZone is one of its flagship projects in Pune.
Mindspace Business Parks REIT is a leading real estate investment trust in India, with a portfolio of office spaces across the country. Nvidia Graphics Private Limited is a subsidiary of the US-based technology company Nvidia Corporation. Embassy Office Parks REIT is a real estate investment trust that owns and operates a portfolio of office spaces in India.
Frequently Asked Questions
What is the size of the lease agreement between Mindspace Business Parks and Nvidia Graphics?
3.75 lakh sq ft.
What is the monthly rent for the lease agreement?
₹3.03 crore.
What is the tenure of the lease agreement?
10 years.
What is the security deposit for the transaction?
Over ₹18 crore.
What is the name of the project where Embassy Pune Techzone leased 1.23 lakh sq ft to Volkswagen Group Technology Solutions?
Embassy TechZone.
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