Welspun Enterprises secures 4.5 lakh sq ft office space in Hinjewadi, Pune

Welspun Enterprises Ltd has signed a long-term lease to acquire over 450,000 square feet of office space in Pune’s Hinjewadi IT hub. This deal ranks among the largest office space agreements in the city for the year.

The leased area covers approximately 457,500 sq ft chargeable space and 329,000 sq ft carpet area. It includes the ground floor and seven additional floors at Radius IT Park, part of the Hinjewadi IT Park cluster. Welspun leased the space from Indo Global Soft Solutions & Technologies, with the contract starting on April 1.

Lease Terms and Financials

The lease begins at a rent of Rs 27.5 per sq ft per month, leading to monthly payments exceeding Rs 1.25 crore by Welspun Enterprises. The agreement spans five years and incorporates a 5% annual rent escalation, reflecting steady rental growth expectations in Pune’s Grade-A office market.

Hinjewadi’s Growing Appeal

Hinjewadi is recognized as one of India’s largest IT corridors. Its established infrastructure, skilled talent pool, and competitive rental rates compared to cities like Bengaluru and Mumbai make it a preferred destination for businesses.

The area sees consistent leasing activity from technology firms, global capability centres, and a growing presence of companies in the infrastructure and engineering sectors.

This transaction underscores strong demand for large contiguous office spaces in mature business locations with ready infrastructure.

Experts note a trend where companies are favoring campus-style office facilities and committing to long-term leases to align with evolving workplace needs.

Pune’s Emergence as an Office Hub

Pune’s rise as a significant office market is driven by its talent advantage and cost-efficiency. Hinjewadi accounts for a large part of leasing activity in the city.

The new acquisition by Welspun Enterprises adds to recent major office deals in the corridor, further establishing Hinjewadi as a favored expansion area beyond traditional metropolitan centers.

Attempts to obtain comments from Welspun Enterprises were unsuccessful at the time of reporting.

Key Takeaways

  • Welspun Enterprises leased over 450,000 sq ft in Hinjewadi’s Radius IT Park on a five-year term.
  • Starting rent is Rs 27.5 per sq ft per month with 5% annual escalation.
  • Hinjewadi remains a top location due to infrastructure, talent availability, and competitive rents.
  • Growing demand for large, contiguous office spaces and long-term leases reflects shifting workplace trends.
  • Pune continues to strengthen as an important office market outside major metro cities.