Eaton Technologies, the Indian subsidiary of global intelligent power management firm Eaton Corporation, has secured over 150,000 sq ft of office space in an IT park located in Pune’s Baner area through a 10-year long-term lease.
The transaction is expected to incur an estimated rental expense exceeding Rs 250 crore for the duration of the lease, with an option to lease an additional 47,000 sq ft in the same complex. The company is set to establish its Global Capability Center (GCC) at this location.
This deal aligns with the increasing trend of multinational corporations committing to large office spaces in India, further solidifying the country’s role as a crucial hub for GCCs. Factors such as abundant talent, competitive costs, and modern infrastructure continue to attract global companies seeking to expand their operations.
The leased space, which spans three floors at Aditya Shagun Infinity IT Park, has been rented from Astrope Properties at a starting monthly rent of Rs 1.65 crore, or Rs 110 per sq ft, with an annual increase of 4.5%.
The lease, registered on August 3, includes a five-year lock-in period and offers 150 parking spaces for cars and 150 for two-wheelers. Eaton has submitted a security deposit of Rs 9.9 crore upon lease registration, according to documents from realty analytics firm CRE Matrix.
The lease will commence on July 15, with rental payments scheduled in three phases: 120 days after commencement for phase one, December 1 for phase two, and January 15 for phase three. The fit-out rent is established at Rs 2,400 per sq ft per month, while common area maintenance (CAM) charges are set at Rs 14.75 per sq ft per month.
Industry experts suggest that this transaction reinforces Pune’s status as a prime location for GCCs, particularly in technology, engineering, and financial services sectors.
Real estate consultants note that Pune’s western corridor, which includes Baner, Balewadi, and Hinjewadi, has experienced a rise in substantial office transactions over the past 18 months.
Note: Email inquiries sent to Eaton Technologies and Astrope Properties remained unanswered at the time of publication.
India’s commercial office market experienced a remarkable year in fiscal year 2025, with record levels of office leasing. Ratings agency ICRA projects that the momentum will continue into 2026, fueled by ongoing demand from key sectors such as GCCs, Banking, Financial Services and Insurance (BFSI), flexible workspace operators, and domestic IT-BPM firms.
Net absorption of commercial office space across the top six cities—Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai Metropolitan Region (MMR), and Pune—reached an unprecedented 65 million sq ft in FY2025, marking a 14% year-on-year growth. This increase in demand outpaced the 58 million sq ft of supply for the year, indicating robust growth.
