Global real estate investment, development, and management firm Tishman Speyer, along with Axis Commercial Real Estate Fund, has formed a strategic alliance with Kasturi Housing to launch a commercial and IT office project valued at ₹1,700 crore in Pune’s Balewadi region.
This collaboration will yield approximately 1 million sq ft of premium office space, with Tishman and Axis holding a joint 50% stake while Kasturi Housing retains the rest.
“Our partnership with Kasturi Housing and Axis AMC marks a significant expansion in India,” stated Parvesh Sharma, MD & country head of Tishman Speyer India. “The Pune project is a crucial part of our strategy to grow our commercial portfolio in major office markets and is in line with our ongoing developments in the country.”
The project will be integrated into a larger layout featuring both commercial and residential spaces. Apart from being an equity partner, Tishman will oversee the development, while Kasturi Housing will provide the land and manage approvals.
“With the current infrastructure advancement in Pune, this project fits well within the city’s evolving growth corridor,” noted Chetan Shah, head of real estate at Axis AMC.
Shah emphasized that Pune remains a strategically vital market for the fund’s commercial development initiatives, demonstrating their commitment to establishing a presence in primary office hubs.
“This collaboration signals the next step in our commercial development strategy. We will align with Tishman Speyer and Axis AMC to ensure the project meets current market demands,” mentioned Bharat Agarwal, chairman of Kasturi Housing.
JLL Capital Markets, Pune served as the exclusive real estate consultant for this transaction, fostering the partnership among Tishman Speyer, Axis, and Kasturi.
“Pune hosts over 360 global capability centers, fueling ongoing demand from occupiers. It is among the most active and preferred office markets in India, particularly for technology, engineering, and financial services sectors,” said Sanjay Bajaj, senior MD at JLL Pune.
This is the second investment from the Axis Commercial Real Estate Fund, a strategic collaboration between Tishman Speyer and Axis targeting commercial real estate developments across India’s top eight markets.
Institutional capital is increasingly influencing India’s office sector, with both global and domestic investors boosting their investments in income-producing and development-stage assets. This trend is propelled by sustained demand from global capability centers, banking and financial services, and technology sectors alongside enhanced transparency and regulatory frameworks.
Experts assert that long-term investors view India as a stable, yield-driven market in contrast to global areas facing softer demand or capital valuation fluctuations.
The real estate sector has garnered heightened interest from pension funds, sovereign wealth funds, private equity firms, and domestic investment managers seeking substantial, long-term returns, with numerous major platforms already operating in key urban centers.
