CA Technologies, the Indian arm of US-based CA Technologies, has recently renewed its lease for over 1.08 lakh sq ft of Grade A commercial space in Pune’s Kharadi IT corridor, for a whopping monthly rent of ₹1.2 crore. This transaction highlights Pune’s growing prominence as a hub for top-tier office markets.
The leased property, located in Eon Free Zone and managed by a subsidiary of Panchshil Realty, will cost the company over ₹12 crore annually for the next five years. The lease includes three floors with an initial monthly rent of ₹1.08 crore, along with additional common area maintenance charges of ₹14.73 lakh, making the total monthly payout ₹1.23 crore until November 2025.
Key features of the lease agreement include a term of 5 years, a lock-in period of 3 years, and a rent escalation of 5% annually. The tenant has paid a security deposit of ₹8.46 crore and a stamp duty of ₹49.57 lakh, with the rental transaction officially registered on November 28, 2024.
The lease agreement also includes incremental rent escalations over the five-year period, reflecting the growing demand and appreciation of premium office spaces in Pune. This deal further highlights Pune’s appeal as a preferred office market due to its skilled human capital, high-quality Grade A office spaces, and affordable real estate compared to other metros.
Overall, the renewal of CA Technologies’ lease in Pune underscores the resilience of India’s office market and Pune’s pivotal role in shaping the future of corporate hubs. With its robust infrastructure, talent pool, and affordability, Pune continues to attract leading multinational corporations, solidifying its position as a top-tier destination for commercial real estate.
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