CA India Technologies Private Limited, a subsidiary of the US-based software company CA Technologies, has extended its lease for a 1.08 lakh sq ft commercial space in Kharadi, a key IT hub in Pune, according to documents accessed by CRE Matrix. This property, situated in the esteemed Eon Free Zone and owned by Eon Kharadi Infrastructure Pvt Ltd, is leased from a subsidiary of Panchshil Realty. The lease renewal, which was registered on November 28, underscores the robust commercial real estate market in Pune.
Lease Details
The lease agreement is for five years, featuring a three-year lock-in period and an annual rent that exceeds ₹12 crore. This commercial space encompasses the ground, second, and third floors, equipped with modern amenities and a total of 308 parking spaces, which include 108 slots for four-wheelers and 200 for two-wheelers. Additionally, a security deposit of ₹8.46 crore and a stamp duty payment of ₹49.57 lakh highlight the significant value of this deal.
The starting monthly rent is set at ₹1.07 crore, with planned increases throughout the lease period. Beginning in November 2025, the rent will rise to ₹1.12 crore per month, eventually reaching ₹1.30 crore by the lease’s final year. From 2022 to 2024, CA Technologies paid ₹2.05 crore monthly for a larger space of 1.83 lakh sq ft.
Kharadi: A Growing Commercial Hub
Kharadi, a rapidly expanding commercial hub, continues to attract major corporates, GCCs (Global Capability Centers), and start-ups. Local brokers indicate that office space in Kharadi commands a monthly rental rate of approximately ₹90 per sq ft, reinforcing its reputation as a sought-after location for businesses.
» Explore commercial properties for lease in Kharadi
Expert Insights
The lease renewal underscores the strength and resilience of Pune’s commercial real estate market. Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix and IndexTap.com, stated that this transaction demonstrates the ongoing vitality of office markets, fueled by the growth of GCCs, Indian companies, and start-ups. Gupta pointed out that Pune continues to be a favored office location due to its rich talent pool, high-quality Grade A office spaces, and cost-effectiveness. He also noted that while rentals for Grade A offices are still on the rise, the rate of increase has begun to decelerate.
Recent Transactions
Pune’s status as a top corporate destination is further cemented by CA India Technologies’ renewal, which highlights the city’s cutting-edge infrastructure, reasonably priced leasing rates, and abundance of premium office space. In a recent transaction, Smartworks leased 6.13 lakh square feet of space in Balewadi, Pune. In another transaction, Volkswagen Group rented around 1.23 lakh sq ft of office space at the Embassy Tech Zone in Phase-II of the Rajiv Gandhi Infotech Park, Hinjewadi, Pune.
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