Adar Poonawalla-led entity buys office space in Pune for Rs 395 crore

Adar Poonwalla is the CEO of Serum Institute of India, and is also chairman of Poonawalla Fincorp Ltd

Businessman Adar Poonawalla-promoted Rising Sun Holdings has purchased commercial space, including offices, at Building B1 of the Cerebrum IT Park in Pune's Kalyaninagar suburb Rs 395 crore, according to documents accessed by PropStack. The deal happened through four transactions, registered on September 11, according to the documents.

According to the documents, the seller in the transactions is Zavareh Soli Poonawalla, the brother of Adar's father Cyrus Poonawalla. Zavareh, like his brother and his nephew, sits on the board of vaccine maker Serum Institute of India, part of the larger Poonawalla group of companies. Adar is the chief executive officer of Serum Institute of India. A total of Rs 27.65 crore was paid as stamp duty for the transaction.

The acquired space in the transaction has a total carpet area of nearly 1.76 lakh square feet, and has a built up area of around 2.2 lakh square feet. The Kalyaninagar area, though largely residential, has a sizeable presence of offices, including technology, and banking and financial services.

Moneycontrol has reached out to Adar Poonawalla for comment on the deal, and the story will be updated as and when a response is received.

Besides leading or being on the board of other family-led firms, Adar is the chairman of listed financial services player Poonawalla Fincorp Ltd.

In recent years, the Poonawalla group has expanded its real estate business, especially in Pune. It partnered with the Pune-based developer Panchshil Realty to set up the Business Bay in Pune's Yerwada suburb, as well as a hotel adjacent to it, with the hotel being managed under the Ritz-Carlton brand.