CapitaLand receives 80% leasing commitments for tech park in Pune

Upon completion, ITPP-Kharadi will house over 30,000 IT service professionals, Capitaland said

Singapore-based CapitaLand Investment Ltd (CLI) announced on May 16 that it has received 80 percent leasing commitment for its 1.5 million sq ft tech park in Pune, the IT hub of Maharashtra.

The leasing commitments received include those from global corporations such as 315 Work Avenue, Acuity Knowledge Partners, Bharti Airtel, Deloitte, Hewlett Packard Enterprise, NielsenIQ, PTEC Technology Solutions, SAP Labs, Sulzer, Tablespace, Whirlpool India and ZS Associates.

According to the company, leasing commitment of nearly 80 percent has been received from global corporations for the development of phase one of International Tech Park Pune (ITPP), Kharadi, spread over 1.5 million sq ft, and the operations has commenced.

Strategically located near the Pune-Lohegaon International Airport, ITPP-Kharadi is part of Pune’s well-established IT corridor, Kharadi.  ITPP-Kharadi will be developed in two phases. The phase two development of another 1.5 million sq ft office block is expected to be completed by Q4FY23.

Upon completion, ITPP-Kharadi will house over 30,000 IT service professionals, the company said in a statement. “Pune is one of our key growth markets in India.  ITPP-Kharadi is our third business park in Pune, and it exemplifies our strong commitment to contributing to Maharashtra’s flourishing IT infrastructure.  We are 80 percent full, and are confident that another 20 percent will be absorbed in the coming days," said Gauri Shankar Nagabhushanam, CEO at India Business Parks, CapitaLand.

The 16.5-acre IT campus, with a total development potential of 3 million sq ft, is being developed at a total project cost of Rs 17.5 billion (S$311 million), the company said.

ITPP-Kharadi, which is designed with green and sustainable features, has secured a Rs 13 billion (S$231 million) green loan from HSBC India. ITPP-Kharadi is CapitaLand’s third business park development in Pune, following the International Tech Park Pune, Hinjawadi, and aVance Business Hub, Hinjawadi.

Also Read: Pune records 14,309 property registrations in March, earns Rs 621 crore

In the statement, the company further said that the IT park also features an array of modern amenities for collaborative team activities, including outdoor meeting areas, a rooftop sports arena for cricket, tennis and futsal, food courts and a planned amphitheatre for events and team meetings.

Also Read: K Raheja Corp, Aditya Shagun Developers to build 3 mn sq ft IT park in Pune

Meanwhile, CapitaLand has close to 30 years of experience in India and is one of the business park pioneers in the country.  It has a strong portfolio of more than 30 properties across seven cities, with total assets under management of Rs 247 billion (S$4 million).  Its resilient and well-diversified portfolio in India includes business park, industrial, logistics, lodging and data centre assets.