Microsoft acquires 10.89 lakh sq ft of commercial plot from Finolex Industries in Pune

Image: Reuters

Tech giant Microsoft Corporation (India) has acquired 10.89 lakh sq ft of commercial plot in Pune from Finolex Industries for a consolidated amount of Rs 328.84 crore, documents accessed by Propstack showed.

The commercial plot is located at Pimpri Waghere in Pune and has been acquired through an agreement with Finolex Industries to transfer the lease for Rs 328.84 crore, the documents showed.

The company has paid a stamp duty of Rs 16.44 crore on the deal, the documents showed.

Microsoft Corporation (India) refused to comment.

“Pune is ideal for setting up large campuses due to the availability of quality real estate, affordable housing, and human resources. However, many corporates have preferred Bengaluru and recently Hyderabad for their expansions. This transaction could be the start of Pune emerging as a strong contender. I’m certain that we’ll have more such transactions over the next few quarters,” said Raja Seetharaman, co-founder of Propstack.

In June this year, Mastercard Technology had leased over 400,000 square feet of space in a commercial building in Pune for 20 years with rent starting at Rs 4.12 crore per month.

The net absorption for India’s office space for the first nine months of 2022 (January-September 2022) stood at a three-year high of 30.3 million sq ft, backed by strong supply completions with healthy pre-commitments. On a quarter-on-quarter (Q-o-Q) basis as well, net absorption for the July-September quarter was up by 11 percent Q-o-Q and recorded at 9.86 million sq. ft, according to JLL’s Office Market Update-Q3, 2022.

The gross leasing activity in Pune stood at 3.7 million sq ft in Q1-Q3, 2022 over 2.3 million sq ft in Q1-Q3 2021, the report said.