Pune Real Estate: Mindspace Business Parks Renews Lease Deal with Nvidia Graphics
Mindspace Business Parks REIT has renewed lease for 3.75 lakh sq ft in Commerzone in Pune's Yerwada for ₹3.03 crore per month rent to Nvidia Graphics Private Limited.
Pune Real EstateMindspace Business ParksNvidia GraphicsEmbassy Office ParksPrestige EstatesReal Estate PuneSep 23, 2024
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 security deposit for the transaction registered on September 5, is six months of rent that goes to above ₹18 crore. The lock in period for the transactions comes out to be 37 months and the property comes with 360 car parking spaces.
An email query sent to Mindspace Business Park and Nvidia Graphics Private Limited did not get any response.
In the recent past, Embassy Pune Techzone Pvt Ltd of the Embassy Office Parks REIT had 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.
Another deal included automobile tyre manufacturer MRF has leased 3.85 lakh sq ft of warehousing space in the village of Sudvadi in Pune’s Mawal area at a monthly rent of ₹1.04 crore in April 2024.
Bengaluru-based listed real estate developer Prestige Estates’ wholly owned subsidiary Prestige Exora Business Parks Ltd has purchased a 4.57-acre land parcel in Pune for ₹200 crore.
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 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).
Information
Mindspace Business Parks REIT is a real estate investment trust that owns and operates commercial properties in India. Nvidia Graphics Private Limited is a subsidiary of Nvidia Corporation, a leading technology company.
Mindspace Business Parks REIT is a leading real estate investment trust in India, focused on owning and operating high-quality commercial properties. Embassy Office Parks REIT is another leading real estate investment trust in India, focused on owning and operating high-quality commercial properties.
Frequently Asked Questions
What is the lease agreement between Mindspace Business Parks and Nvidia Graphics?
The lease agreement is for 3.75 lakh sq ft in Commerzone in Pune's Yerwada for ₹3.03 crore per month rent to Nvidia Graphics Private Limited.
What is the tenure of the lease agreement?
The tenure for the lease is 120 months with rental escalation of five per cent annually.
What is the security deposit for the transaction?
The security deposit for the transaction registered on September 5, is six months of rent that goes to above ₹18 crore.
What is the current state of the Pune real estate market?
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.
What is the decline in property registrations in Pune in the last four months?
Pune’s property registrations witnessed a decline of 26% in the last four months between May to August compared to first four months of 2024 between January to April.
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