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K Raheja Corp signs agreement for office joint development in Pune

Wednesday, 13 Jan 2021
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K Raheja Corp, a real estate developer, has entered into a joint development agreement to develop a three acre prime land parcel at Baner locality in Pune in Maharashtra. 
 
The company has formed an alliance with Aditya Shagun Developers, a Pune-based developer, to develop the latter’s plot into a commercial office project. 
 
The land parcel has a total development potential of half a million sq ft. 
 
The project, once completed, is expected to be added to K Raheja Corp-Blackstone Group-backed Mindspace Business Parks REIT. 
 
At present, Mindspace Business Parks REIT’s portfolio consists of five integrated business parks and five independent offices aggregating 29.5 million sq ft of total leasable area. 
 
Both the companies will be responsible for branding and marketing of the project. 
 
The companies have already started the process to secure permissions for the development and expect to complete the entire project by 2024. 
 
The deal marks K Raheja Corp’s foray into the West Pune market that accounts for around 40 percent of total office space leasing in the city. The ongoing monthly rentals in micro-market of Baner range between Rs 75 to Rs 85 per sq ft.
 
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