Citicorp Services Leases 7.7 Lakh Sq. Ft. Office Space in Pune’s Kharadi for Rs 1,096 Crore
Kharadi, 26th March 2025: In one of the largest commercial office space leasing deals in Pune, Citicorp Services India Pvt Ltd has signed a lease agreement with Panchshil Business Spaces Pvt Ltd for over 7.7 lakh sq. ft. of office space in Panchshil Business Hub, Kharadi. The lease, spanning approximately 10 years, is valued at ₹1,096 crore in total rental payments.
The office space, spread across 10 floors (levels 7 to 16), was leased through three separate agreements:
First Agreement: Covers 3.07 lakh sq. ft. on the 13th, 14th, 15th, and 16th floors for 10 years, with an initial monthly rent of ₹2.70 crore.
Second Agreement: Includes 2.34 lakh sq. ft. on the 10th, 11th, and 12th floors for 9.5 years, starting at ₹2.06 crore per month.
Third Agreement: Encompasses 2.29 lakh sq. ft. across the 7th, 8th, and 9th floors for 9 years, with a starting monthly rent of ₹2.01 crore.
Each lease agreement includes a 15% rent escalation clause every three years, as per the registered documents. The lease registrations were completed on March 12, and the commencement of the lease will take place in phases between April 1, 2025, and April 1, 2026.
Additionally, Citicorp Services India Pvt Ltd has been allotted 770 car parking spaces and 1,185 two-wheeler parking slots as part of the lease agreement. The company has also paid ₹20.35 crore as a security deposit, with a lock-in period of 4 to 5 years for the three agreements.
