Mumbai : In a significant corporate real estate transaction, Infosys BPM, the business process management arm of IT giant Infosys, has leased 1.3 lakh square feet of office space in Pune’s Hinjewadi IT and business park. The lease agreement, spanning 36 months, underscores the continued demand for premium office spaces in key tech hubs across India.
Key Deal Highlights:
- Location: The office is spread across five floors in two commercial towers at Embassy Tech Zone, part of Embassy Office Parks REIT.
- Rental Terms: The lease is fixed at ₹55 per sq ft per month, translating to ₹70.39 lakh monthly rent with no escalation clouse.
- Security Deposit: Infosys BPM has provided a nine-month security deposit, amounting to ₹6.34 crore.
- Parking & Maintenance: The company gets exclusive access to 127 car parking slots, with additional slots at ₹2,500/month each. Maintenance charges include a 20% markup, estimated at ₹15.17/sq ft/month (exclusive of GST).
Market Implications:
This deal highlights the resilience of Pune’s office market, particularly in Hinjewadi, a preferred IT/ITeS hub. The absence of rental escalation suggests a tenant-favorable market, while large-cap firms continue to expand despite hybrid work trends.
With Infosys BPM securing a long-term lease, Embassy REIT reinforces its position as a leading office space provider, signaling strong investor confidence in India’s commercial real estate sector.
Industry Outlook: Analysts expect steady leasing activity from IT/ITeS firms in 2024, with Pune, Bengaluru, and Hyderabad remaining top destinations for corporate expansions.
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