Welspun Enterprises Secures Major Office Space in Pune's IT Hub
Welspun Enterprises picks up 4.5 lakh sq ft office space in Pune’s Hinjewadi
The Economic TimesImage: The Economic Times
Welspun Enterprises Ltd has leased over 4.5 lakh sq ft of office space in Hinjewadi, Pune, marking a significant transaction in the city's IT sector. The five-year lease at Radius IT Park, starting at ₹27.5 per sq ft, reflects ongoing demand for large office spaces in established business districts.
- 01Welspun Enterprises leased 4.5 lakh sq ft in Hinjewadi, Pune.
- 02The lease is for five years with a 5% annual escalation clause.
- 03Monthly rental costs exceed ₹1.25 crore.
- 04Hinjewadi continues to attract businesses due to competitive rentals and talent availability.
- 05The transaction highlights demand for large office spaces in established business districts.
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Welspun Enterprises Ltd has signed a long-term lease for over 4.5 lakh sq ft of office space at Radius IT Park in Hinjewadi, Pune, a prominent IT hub in India. This transaction, one of the largest in the city this year, involves a chargeable area of approximately 457,500 sq ft and a carpet area of over 3.29 lakh sq ft, spanning ground plus seven floors. The lease commenced on April 1 and is set for five years, with a starting rental rate of ₹27.5 per sq ft, resulting in a monthly expenditure of more than ₹1.25 crore. The agreement includes a 5% annual escalation clause, indicating expectations of steady rental growth in Pune's Grade-A office market. Hinjewadi has emerged as a key destination for various sectors, attracting firms due to its established ecosystem and competitive rental rates compared to major cities like Bengaluru and Mumbai. This deal underscores the ongoing demand for large office spaces in established business districts, as companies prioritize campus-style developments and long-term leases amidst changing workplace strategies.
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This lease agreement signifies a boost in the local real estate market, potentially leading to job creation and increased economic activity in the Hinjewadi area.
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