Tishman Speyer and Axis CRE Collaborate with Kasturi Housing for Rs 1,700 Crore Pune Office Project
Global real estate investment, development, and management firm Tishman Speyer, in conjunction with Axis Commercial Real Estate Fund, has entered into a strategic partnership with Kasturi Housing to develop a significant commercial and IT office project in Pune’s Balewadi area. The project, valued at Rs 1,700 crore, will encompass around 1 million square feet of premium office space.
Tishman Speyer and Axis Commercial Real Estate Fund will hold a combined 50% stake in the development, with Kasturi Housing retaining the remaining 50%. This collaboration marks a significant expansion for Tishman Speyer in India, aligning with their broader strategy to scale their commercial portfolio across major office markets.
“We are expanding our presence in India with Kasturi Housing and Axis AMC,” said Parvesh Sharma, MD & Country Head, Tishman Speyer India. “The Pune project fits into our broader plan to scale our commercial portfolio across major office markets and follows the approach we are taking with similar developments in the country.”
The project is part of a larger layout, including both commercial and residential development. Tishman Speyer will manage the development, while Kasturi Housing owns the land and has secured the necessary approvals. The ongoing infrastructure development in Pune makes this project particularly attractive, as it aligns with the city’s evolving growth corridor.
“With ongoing infrastructure development in Pune, this project aligns with the city’s evolving growth corridor,” added Chetan Shah, Head of Real Estate, Axis AMC. “Pune remains a strategically important market within the fund’s broader commercial development plan, and this investment reflects our intention to build a presence across key office hubs.”
For Kasturi Housing, this collaboration represents a significant milestone in their commercial development plans. “This collaboration represents the next phase of our commercial development plans. We will work closely with Tishman Speyer and Axis AMC to develop the project and align it with current market requirements,” said Bharat Agarwal, Chairman, Kasturi Housing.
JLL Capital Markets, Pune, played a crucial role in facilitating the partnership, acting as the exclusive real estate consultant for the transaction. Pune is home to more than 360 global capability centers, which continue to drive occupier demand. The city remains one of the most active and preferred office markets in India for technology, engineering, and financial services occupiers.
This marks the second investment from the Axis Commercial Real Estate Fund, a strategic alliance between Tishman Speyer and Axis that invests in commercial real estate development projects across India’s top eight property markets. Institutional capital is increasingly playing a larger role in shaping India’s office market, with both global and domestic investors increasing allocations to income-generating and development-stage assets.
The trend is being driven by sustained occupier activity from global capability centers, BFSI players, and technology firms, along with improving transparency and regulatory frameworks in the sector. Industry experts noted that long-term investors are increasingly viewing India as a stable, yield-driven market compared to global regions experiencing softer demand or capital value corrections.
Real estate continues to attract growing interest from pension funds, sovereign wealth funds, private equity firms, and domestic investment managers seeking scale and long-term returns. Several large platforms are already operating across key cities, making India an attractive destination for real estate investment.
