Eaton Technologies, the Indian arm of global power management leader Eaton Corporation, has signed a 10-year lease for 150,000 sq ft of prime office space in Baner, Pune, to establish a new Global Capability Center. The deal, finalised with Astrope Properties Pvt Ltd, will see Eaton operating from Aditya Shagun Infinity IT Park, one of the city’s fastest-growing IT hubs.
Registered on August 3, 2025, the lease is valued at over ₹250 crore for the full term and includes a five-year lock-in period as well as a full-term fit-out lock-in, highlighting Eaton’s long-term commitment to Pune. The agreement also offers an additional leasing option of 47,000 sq ft in the same premises for future expansion.
The new facility will span three floors and provide parking for 150 four-wheelers and 150 two-wheelers. The base monthly rent is set at ₹1.65 crore, translating to ₹110 per sq ft, with an annual escalation of 4.5 percent. Eaton’s lease officially starts on July 15, 2025, with rent payments phased in across three stages—Phase 1 beginning 120 days after the start date, Phase 2 from December 1, 2025, and Phase 3 from January 15, 2026. Eaton will also pay ₹14.75 per sq ft monthly for common area maintenance and a fit-out rent of ₹2,400 per sq ft per month of chargeable area. A security deposit of ₹9.9 crore has already been paid.
This significant transaction reflects the growing trend of multinational companies expanding their Global Capability Centers in India. Pune has emerged as a preferred destination due to its large talent pool, modern infrastructure, and high-quality office spaces. The city’s western corridor, covering Baner, Balewadi, and Hinjewadi, has seen a sharp rise in pre-committed office leasing over the past 18 months.
Industry data shows that India is now home to more than 1,700 of the world’s 3,200-plus GCCs, with over 53 percent of global centers choosing India as their base. The Indian commercial real estate sector recorded a strong performance in FY 2025, with 65 million sq ft of office space absorbed across major cities, up 14 percent from the previous year and exceeding the annual supply of 58 million sq ft. This momentum is expected to continue into 2026, driven by strong demand from GCCs, BFSI, IT-BPM, and co-working sectors.
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