Welspun Enterprises Ltd has recently entered into a significant leasing agreement for 4.5 lakh square feet of commercial office space at Radius IT Park, located in Pune's rapidly developing Hinjewadi area. According to property registration documents obtained by Propstack, the lease is valued at over ₹82 crore and is set to commence on April 1, 2026, lasting for a duration of five years, concluding on March 31, 2031. The space is leased from Indo Global Soft Solutions and Technologies Pvt Ltd, comprising 3.29 lakh square feet of carpet area and 4.57 lakh square feet of chargeable area. The initial monthly rent is pegged at ₹1.25 crore, with an annual escalation clause of 5% included in the agreement.
The registration of this transaction took place on March 27, 2026, incurring a stamp duty of ₹18 lakh along with a nominal registration fee of ₹500. This leasing move by Welspun Enterprises underscores the ongoing growth trajectory of Pune's commercial real estate sector, particularly driven by the expansion of Global Capability Centres (GCCs). Raja Seetharaman, co-founder of Propstack, emphasized this trend, noting that areas like East Pune, especially Kharadi, have attracted substantial deals from global giants, including Maersk and Citicorp. He remarked that the commitment from Welspun, along with new entrants like Arcelor Mittal in Hinjewadi, indicates a strong demand for high-quality Grade A office space in the western part of the city as well.
The competitive landscape for commercial real estate in Pune is further highlighted by other recent leasing activities. For instance, BMW has expanded its presence in the region by leasing an additional 1.35 lakh square feet of logistics space from ESR Pune Industrial Park Private Limited, at a monthly rent of ₹53.19 lakh for a tenure of seven years and five months. Similarly, Nice Interactive Solutions India Private Limited secured approximately 1.63 lakh square feet of office space in Hinjewadi, with a total rent exceeding ₹44 crore. Also, ICE MT India Private Limited, the Indian arm of a US-based mortgage technology firm, has leased 1.93 lakh square feet in Magarpatta Cyber City to establish its GCC, signing a nine-year agreement valued at ₹217 crore.
These developments reflect a robust demand for commercial spaces in Pune, highlighting the city’s growing importance as a hub for information technology and business services. The influx of multinational corporations and significant expansions by existing firms signal a healthy and vibrant market. As Pune continues to attract large-scale investments, it positions itself as a key player in India’s commercial real estate landscape, fostering an environment conducive to business growth and investment opportunities.