K Raheja & Aditya Shagun To Develop Office Project In Pune
K Raheja Corp has entered into a joint development agreement to develop a 3-acre prime land parcel in Pune’s Baner locality. The company has formed an alliance with a Pune-based developer Aditya Shagun Developers to develop the latter’s plot into a commercial office project.
The stated land parcel has a complete development potential of half a million sq ft. The undertaking, as soon as accomplished, is anticipated to be added to K Raheja Corp-Blackstone Group-backed Mindspace Business Parks REIT, India’s second listed Real Estate Investment Trust. Currently, Mindspace Business Parks REIT’s portfolio consists of 5 built-in enterprise parks and 5 impartial workplaces aggregating 29.5 million sq ft of whole leasable space.
The deal marks K Raheja Corp’s foray into the west Pune market that accounts for round 40% of whole office house leasing in town. The ongoing month-to-month leases in micro-market of Baner vary between Rs 75 to Rs 85 per sq ft.
“The western Pune corridor especially Baner and Balewadi is short on grade A quality office supply and hence this will be a very strategic development by K Raheja Corp. The profile of occupiers in this corridor is a mix of product development, digital, information technology-enabled services and research & development companies,” stated Sanjay Bajaj, MD – Pune, JLL India, the advisor to this transaction.