Pune real estate: Bajaj Finserv Health leases 97,000 sq ft of office space for a rent of Rs 72 lakh per month in Mindspace Business Parks

The deal was registered on October 31, and the office space comes with 97 car parking spaces.

Bajaj Finserv Health Ltd has leased 97,000 square feet of office space for Rs 72.26 lakh per month from Mindspace Business Parks Pvt Ltd in Pune, according to documents accessed by FloorTap.com.

The office space spread across three floors is located in Trion IT Park at Kargil Vijay Nagar, Wadgaon Sheri in Pune. The per square foot rent works out to be Rs 74.5 while the security deposit is Rs 2.16 crore, according to the documents.

The deal was registered on October 31, and the office space comes with 97 car parking spaces.

The tenure of the lease is five years and the lock-in period is three years. The lease commenced on November 1, 2023.

The deal comes with a lease-free period from November 1 to 30 and the monthly rental will be applicable from December 1. Thereafter, the per month rent will be increased by five percent on a per annum basis, the documents showed.

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There was no response to email queries sent to Mindspace Business Parks and Bajaj Finserv over the deal.

Other notable deals

Meanwhile, other major deals for office space leasing have been reported throughout the year. In April 2023, Deloitte Consulting India Pvt Ltd leased around 1.56 lakh sq ft of space spread across two floors in a tech park in Kharadi, Pune, for 10 years.

Nasdaq-listed IT software firm Cognizant has renewed its lease for 6.27 lakh sq ft office space in Pune spread across two blocks for five years at a rent of Rs 3.35 crore per month.

The lease was renewed from October 2021 to October 2026 but was registered on April 28 this year.

Office market in Pune

Co-working share of office leasing activity in India shot up to 23 percent in FY22-23 and demand for flexi office spaces was pegged to grow by 15-20 percent over the next 2-3 years, according to an analysis by Anarock Research.

In FY23, leasing across the top cities stood at approximately 36.11 million sq ft. Pune topped with co-working spaces occupying a transaction share of 40 percent in the last fiscal while Bengaluru was next with the net absorption of co-working office spaces increasing to 30 percent, according to the report.