Smartworks Leases Massive 6 Lakh Sq Ft Office Space in Pune for Rs 4.48 Cr per Month
Smartworks leases 6 lakh sq ft office space in Pune for Rs 4.48 cr per month, with a starting rent of Rs 73 per sq ft per month and a 4.77 percent escalation built in every annum.
SmartworksOffice SpacePuneReal EstateCre MatrixReal Estate PuneAug 21, 2024
According to documents accessed by real estate data analytics firm CRE Matrix, the starting rent of Rs 73 per sq ft per month has a 4.77 percent escalation built in every annum. The agreement was registered in April, and the license period started from July 1.
For the five-year license period, Smartworks paid a security deposit of Rs 13.21 crore. The license fee payments commence from May 1, 2025. Smartworks had announced the leasing in May but did not provide financial specifics such as the rent or the security deposit.
With the addition of the 43 EQ space, the flex space operator's portfolio in Pune reached more than 3 million sq ft. Smartworks has a total managed portfolio of 8 million sq ft, across Pune, the National Capital Region, Mumbai, Bengaluru, Kolkata, Chennai, Ahmedabad, and other cities in India.
The Balewadi property leased by Smartworks, 43 EQ, is located near other properties that have been leased by the flex space operator. Other managed office space operators have also made a play for the area with large leases over the past two to three years.
Balewadi, located off the arterial Mumbai-Bengaluru highway that skirts the western edge of Pune, is home to a number of tech players, startups, as well as a large number of global capability centres of major automobile, technology, telecom, and heavy engineering companies. The area has also emerged as a major retail and food and beverage hub in recent years.
Smartworks is a managed office space operator that provides flexible and customized workspaces to businesses. CRE Matrix is a real estate data analytics firm that provides insights and data on the Indian real estate market.Smartworks is a leading managed office space operator in India, with a portfolio of over 8 million sq ft across multiple cities. CRE Matrix is a leading real estate data analytics firm in India, providing data and insights on the Indian real estate market.
Frequently Asked Questions
How much office space has Smartworks leased in Pune?
Smartworks has leased 6.13 lakh sq ft office space in Pune.
What is the starting rent of the office space leased by Smartworks?
The starting rent of the office space is Rs 73 per sq ft per month.
What is the escalation clause in the agreement?
The agreement has a 4.77 percent escalation built in every annum.
How much security deposit did Smartworks pay for the lease?
Smartworks paid a security deposit of Rs 13.21 crore.
What is the total managed portfolio of Smartworks?
Smartworks has a total managed portfolio of 8 million sq ft across multiple cities in India.
Related News Articles
Real Estate Sector Grapples with Indexation Benefit Removal
The real estate sector is reeling from the removal of the indexation benefit for property sales, with industry players divided on its impact.
Budget Hotels: The Unsung Heroes of Real Estate Returns
In the world of real estate investments, budget hotels are emerging as a highly attractive option, challenging the traditional skepticism surrounding hotel properties. This article explores why budget hotel yields now make more sense than ever, particular
Baba Siddique: From Political Figure to Multi-Billion Real Estate Mogul
Baba Siddique, a former MLA and corporator from Bandra West, has transformed from a local political figure to a renowned real estate mogul with a net worth of over Rs 15,000 crore. Despite legal challenges, his empire continues to thrive, spanning major p
Surge in Costs for European Residency Programs: What You Need to Know
The costs associated with European residency programs have seen a significant rise in recent years. Real estate is no longer an eligible investment, and applicants are now required to invest in funds that support local businesses. Here’s what you need to
Prozone Realty Ltd. Surges 20% After Announcing 26% Stake Acquisition via Open Offer
Prozone Realty Limited, a leading real estate developer, has seen its stock price hit a 20% upper circuit after announcing a 26% stake acquisition through an open offer. This move has significantly boosted investor confidence in the company.
Prestige Estates Reports 38% Drop in Sales Bookings to Rs 10,000 Cr in Apr-Dec
New Delhi: Real estate firm Prestige Estates Projects has reported a significant decline in sales bookings, dropping 38% to Rs 10,000 crore in the April to December period. Despite this, the property market continues to show signs of resilience and optimi