The duration for the lease is 15 years and it is a warm shell space, where the company will begin operations from January 2022 onwards.
“Minda was looking for a space in the region, and we found the right property. The lease deed has been signed. Pune has emerged as a preferred choice for companies,” said Rounak J Goklaney, chief of Rounak Real Estate Consultants, which has facilitated the transaction.
Minda industries also confirmed the transaction.
India’s net office absorption stood at of 5.85 million sq. ft in Q3 2021 (July-September), a jump of 48% when compared to previous quarter and an 8% Year-on-Year (YoY) growth in major cities, according to JLL’s Office Market Update-Q3, 2021.
A better awareness about the virus, preparedness along with mass vaccination drive and unlocking of economy has aided in the revival of the office market.
As a result, and due to many such supportive factors, the net absorption recorded in Q3 2021 surpassed the net absorption recorded in Q1 2021 by 12% which paint a clear picture of improved market sentiments and growing confidence among occupiers.
Delhi NCR, Mumbai, and Pune contributed to 62% of the gross leasing volumes recorded in Q3.