Volkswagen Group Leases 1.23 Lakh Sq Ft Office Space in Embassy Pune Techzone for ₹66 Lakh Monthly Rent
Embassy TechZone, a Grade A open campus office park in Pune, has leased 1.23 lakh sq ft of commercial space to Volkswagen Group Technology Solutions India Pvt Ltd for a monthly rent of ₹66 lakh.
Real EstateOffice SpaceLeasingEmbassy TechzonePuneVolkswagen GroupReal Estate PuneAug 14, 2024
The commercial space is located in Embassy Tech Zone spread across three floors at Hinjewadi in Pune. Hinjewadi is one of the biggest IT hubs of India.
Embassy TechZone is a Grade A open campus office park in Pune located close to the Mumbai-Pune Expressway. The area offers social infrastructure and provides connectivity to both Mumbai and Pune CBD.
There are residential apartments in the area that cater to the needs of the technology workforce. The transaction was registered on May 20, 2024, for which stamp duty of ₹32 lakh was paid along with registration of ₹30,000.
The property also comes with 123 car parking spaces for which the charges will be ₹2,500 per month per parking space. The lease period for the transaction is for a period of five years from May 2024 to May 2029.
Maintenance charges start at ₹15.18 per sq ft per month. The security deposit for the transaction is ₹3.99 crore. The lease agreement comes with a 15% rental escalation clause after 36 months from the commencement of rent.
The per sq ft rent is ₹54 till the 37th month. Thereafter, the per sq ft rent will go up to ₹62.1 or ₹76.48 lakh per month.
Office leasing market is growing in India, with 15.8 million square feet of office space leased in the top-6 markets during the April-June period of 2024. Mumbai and Bengaluru drove the office demand with 52% share, according to a new report released by property consultancy Colliers.
Email queries have been sent to both Embassy Office Parks REIT and Volkswagen Group Technology Solutions India Pvt Ltd. The story will be updated once a response is received from them.
About Embassy Office Parks REIT Embassy Office Parks REIT is India's first publicly traded Real Estate Investment Trust (REIT) that owns and operates a large portfolio of office parks and office buildings in India.
About Volkswagen Group Technology Solutions India Pvt Ltd Volkswagen Group Technology Solutions India Pvt Ltd is a subsidiary of the Volkswagen Group, one of the world's leading automobile manufacturers.
Embassy TechZone is a popular destination for IT and technology companies in Pune, with many leading companies having their offices in the area. The leasing of office space by Volkswagen Group Technology Solutions India Pvt Ltd is a significant transaction in the Pune office market.
Frequently Asked Questions
How much office space has been leased by Volkswagen Group Technology Solutions India Pvt Ltd in Embassy Pune Techzone?
1.23 lakh sq ft
What is the monthly rent for the leased office space?
₹66 lakh
Where is the leased office space located?
Embassy Tech Zone, Hinjewadi, Pune
What is the lease period for the transaction?
Five years from May 2024 to May 2029
What is the security deposit for the transaction?
₹3.99 crore
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