Pune's Thriving Real Estate Market Sees MRF Lease Massive Warehousing Space
MRF leases 3.85 lakh sq ft warehousing space in Pune, highlights the city's booming real estate sector
Pune Real EstateMrfWarehousing SpaceAutomobile IndustryCre MatrixMacrotech DevelopersReal Estate MumbaiJul 29, 2024
The property has been leased by NDR Tradehouse Pvt Ltd, according to property registration documents accessed by CRE Matrix. Apart from the monthly rent, the common area maintenance for the property will be ₹3.85 lakh per month. The security deposit for the transaction is ₹3.14 crore, and there is an annual rental escalation clause of 4.5% built into it. The lease agreement has a lock-in period of three years.
Pune's real estate market is home to several automobile manufacturing units and ancillary materials required for the manufacturing. The city has seen several significant deals in recent times. In November 2023, Bajaj Auto had leased 7.63 lakh square metres of land from MIDC (Maharashtra Industrial Development Corporation) in Chakan, near Pune, for ₹53.43 crore. The lease was for a period of 95 years.
Other notable deals in Pune's real estate market include Priyanka Chopra's family leasing a bungalow to a co-living firm for a monthly rent of ₹2 lakh. Finolex Industries, a manufacturer of PVC pipes, sold its leasehold rights of 25 acres of land for ₹470 crore to Terravista Developers Pvt Ltd in Pimpri near Pune. The land was leased to Finolex Industries by Maharashtra Industrial Development Corporation (MIDC) in Pimpri Industrial Area near Pune.
Recently, Pune was in the news for a 12,000 sq ft penthouse being sold in Pune for ₹37 crore, making it the most expensive property deal in the city. The property is located in Lodha One, Bund Garden, a project by listed real estate developer Lodha, also known as Macrotech Developers.
Information
MRF Ltd is an Indian multinational tyre manufacturing company headquartered in Chennai, Tamil Nadu. The company is one of the largest tyre manufacturers in India, with a range of products including passenger car tyres, truck and bus tyres, two-wheeler tyres, and farm tyres.
CRE Matrix is a real estate data analytics company that provides insights and trends in the Indian real estate market. Macrotech Developers, formerly known as Lodha Group, is a leading real estate developer in India, known for its luxury residential and commercial projects.
Frequently Asked Questions
How much warehousing space has MRF leased in Pune?
MRF has leased 3.85 lakh sq ft of warehousing space in Pune.
What is the monthly rent for the leased property?
The monthly rent for the leased property is ₹1.04 crore.
What is the lock-in period for the lease agreement?
The lock-in period for the lease agreement is three years.
Who has leased the property to MRF?
The property has been leased to MRF by NDR Tradehouse Pvt Ltd.
What is the annual rental escalation clause for the lease agreement?
The annual rental escalation clause for the lease agreement is 4.5%.
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