Asterope Properties Pvt Ltd, a subsidiary of K Raheja Corp, has leased three commercial office space units to Eaton Technologies Pvt Ltd in Pune’s Baner area for a monthly rent of ₹1.65 crore. Eaton Technologies is a subsidiary of the US-based Eaton Corporation.
According to property registration documents accessed by a property data analytics firm, the leased space measures 1.50 lakh square feet and is located in Aditya Shagun Infinity IT Park. The agreement is for a 10-year term and was registered on 3 August 2025, with a stamp duty payment of ₹1.34 crore and a registration fee of ₹1,000.
The space lease includes a five-year lock-in period and an annual rent escalation of 4.5 percent. A security deposit of ₹9.90 crore has been provided. The lease will commence in three phases — the first phase on 15 July 2025, the second on 1 December 2025, and the third on 15 January 2026.
Both Asterope Properties Pvt Ltd and Eaton Technologies Pvt Ltd have not yet responded to queries regarding the transaction.
Industry reports indicate that India’s office stock is expected to exceed 1 billion square feet by the third quarter of 2025, making it the fourth-largest office market in the world. This growth is attributed to India’s position as an affordable rental space market in the global context, strong economic performance, increasing institutional investment, and resilient global office space demand.
Data shows that Bengaluru, the National Capital Region, and the Mumbai Metropolitan Region account for 60 percent of the total office stock in India. Hyderabad, Pune, and Chennai together contribute 33 percent, while Ahmedabad and Kolkata make up the remaining 7 percent. This distribution highlights the concentration of office space in key urban centres.
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