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CA India Technologies Pvt. Ltd. Extends Office Lease in Pune’s IT Hub with Annual Rent Exceeding ₹12 Crore

CA India Technologies Pvt. Ltd. Extends Office Lease

US-based CA Technologies Private Limited has renewed its lease for a 1.08 lakh sq ft commercial space in Pune’s Kharadi area, a key IT hub. The lease agreement made with a subsidiary of Panchshil Realty involves an annual rent exceeding ₹12 crore for a five-year term, as per property registration documents obtained by CRE Matrix. This commercial space is situated in the Eon Free Zone, a prominent office hub in Kharadi, and is owned by Eon Kharadi Infrastructure Pvt Ltd. The agreement was registered on November 28, with the tenant providing a security deposit of ₹8.46 crore and a stamp duty of ₹49.57 lakh.

The leased property includes the ground, second, and third floors, totaling 1.08 lakh sq ft. It offers 308 parking spaces, comprising 108 for four-wheelers and 200 for two-wheelers. The current monthly rent is set at ₹98 per sq ft, amounting to ₹1.07 crore, and this rate will remain until November 2025. The rent is scheduled to increase over the lease term, rising to ₹1.12 crore per month in 2025, ₹1.18 crore in 2026, ₹1.24 crore in 2027, and ₹1.30 crore in 2028. Previously, from 2022 to 2024, CA Technologies leased a larger space of over 1.83 lakh sq ft at a monthly rent of ₹2.05 crore.

Kharadi’s commercial real estate market is thriving, with local brokers reporting monthly rental rates of around ₹90 per sq ft for Grade A office spaces. According to Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix and IndexTap.com, this transaction highlights how the office markets are still thriving as start-ups, Indian corporations, and GCC companies continue to grow. Ample human resources, Grade A office buildings, and affordability are the main factors that make Pune a desirable office market. Despite a slowdown in growth, Grade A office rentals are still increasing.

Recent Transactions

Pune’s commercial real estate market continues to witness strong activity, with recent transactions reflecting steady demand. In a recent deal, The Lodha Group purchased a 2.82-acre land plot in Pune’s Hinjewadi for Rs 111 crore. In another transaction, MRF secured the lease of 3.85 lakh sq ft of large warehousing space in the Mawal area of Pune.


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K Raheja Corp Acquires Two Mumbai Properties for ₹355 Cr

K Raheja Buy 2 Properties

K Raheja Corp’s real estate investment arm, Ivory Property Trust, has significantly expanded its Mumbai portfolio by acquiring two prime properties in the upscale Tardeo area: the prestigious Bayside Mall and the historic Popular Press Building, for a total of ₹355 crore from AAA Holding Trust, according to documents accessed by CRE Matrix.

The Bayside Mall and Popular Press Building, spanning 1216.29 sq m and 1070.24 sq m respectively, were acquired by Ivory Property Trust for a stamp duty of ₹21.30 crore.

Bayside Mall, a three-story structure built on a one-third acre plot, has a total built-up area of 17,345 sq ft. The mall, which originally had 105 units, now comprises 75 units following the consolidation of certain units.

The Popular Press Building, a two-story structure situated adjacent to Bayside Mall on a plot of land exceeding a quarter-acre, was also part of the acquisition. The buyer made an initial payment of Rs 120 crore at the time of deal registration.

Ivory Property Trust fulfilled its payment obligations by paying the second tranche of Rs 120 crore to AAA Holding Trust on August 22. The final tranche of Rs 115 crore was scheduled to be paid by the deal’s closing date of November 20.

Recent Transactions in Mumbai

Mumbai is more than just India’s financial capital. It’s a real estate powerhouse, buzzing with opportunities. With sky-high demand, a booming economy, and a diverse range of properties, Mumbai’s real estate market is a dream come true for investors and homebuyers alike.

In a recent transaction, Equinix India purchased 5,597 square meters of land in Mumbai’s Chandivali for ₹155 crore. In another transaction, Property Ventures (India) Pvt Ltd recently sold an IT Park located in Mumbai’s Malad area for a substantial sum of ₹335 crore. 


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Equinix India buys 5,597 sq m of land in Mumbai’s Chandivali for ₹155 crore

Equinix buys land in Mumbai

Equinix India Pvt Ltd, a US-based data center company, paid ₹155 crore for 5,597 sq m (1.38 acres) of land in the Chandivali neighborhood of Mumbai, according to property registration records accessed by CRE Matrix. According to the records, a building with a total built-up area of 5,386 square meters was purchased along with the land parcel.

The property is being sold by Overseas Packing Industries Pvt Ltd and Warden Hyforce Pvt Ltd. The transaction was registered on November 21, 2024, and ₹10.56 crore in stamp duty was paid on the purchase.

In June 2022, Equinix India revealed plans to invest $86 million for the construction of a new data center in Mumbai. The company had purchased a four-acre plot of land in the city’s Chandivali area.

Equinix had previously stated that the new data center, which would be called MB3, would be the company’s third such facility in Mumbai. MB3 IBX will be located adjacent to Equinix MB2 IBX and 1.5 km away from MB1 IBX data center.

Chandivali is strategically situated between Mumbai’s western and eastern suburbs, offering excellent connectivity throughout the city. It is also in proximity to Powai, which is home to numerous international and domestic companies. Equinix India currently operates three International Business Exchange (IBX) data centers in Mumbai, named MB1, MB2, and MB4. The newly acquired land houses one of these centers, MB2. 

The company plans to continue its investment in the market to support India’s growing digital economy. They have announced plans for the development of MB3, with an initial investment of $86 million. MB3 will offer a starting capacity of over 1,375 cabinets, expanding to more than 4,150 cabinets upon completion. Additionally, Equinix has revealed its expansion in Chennai, with an investment of $65 million for the first phase, which will provide 850 cabinets and a total capacity of 4,950 cabinets when fully developed.

Recent Transactions

Mumbai’s real estate market sees significant land transactions, with major deals involving residential, commercial, and industrial properties. Recent notable transactions highlight the demand for prime land in key locations across the city.

In a recent land deal, DMart acquired a plot of land in Chandivali for Rs. 117 crore. In another major land deal, Hindustan Construction Company (HCC) sold a 2.35 lakh sq mtr land block in Panvel near Mumbai to Oak & Stone Construction Pvt Ltd for Rs 95 crore.

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