Asterope Properties Pvt Ltd, a subsidiary of K Raheja Corp, has leased three office spaces in Pune’s Baner area to Eaton Technologies Pvt Ltd under a ten-year lease agreement with a monthly rent of ₹1.65 crore.

According to property registration records obtained by CRE Matrix, the commercial office space consists of 1.50 lakh sq ft and exists within Aditya Shagun Infinity IT Park in Pune’s Baner area. The documents revealed that on August 3, 2025 the transaction became official through registration while a stamp duty payment of ₹1.34 crore and ₹1,000 registration fee were paid.

The 10-year lease includes a five-year lock-in period and an annual rent escalation of 4.5%. Documents indicate a security deposit of ₹9.90 crore. The lease will commence in three phases – July 15, 2025 (first phase), December 1, 2025 (second phase), and January 15, 2026 (third phase).

An email query sent to Asterope Properties Pvt Ltd did not receive a response, and Eaton Technologies Pvt Ltd could not be reached for comment. The story will be updated if a response is received.

India’s commercial office market stock is projected to become the fourth largest

India’s office stock is set to cross 1 billion sq ft by Q3 2025, positioning it as the fourth-largest office market globally, according to a report by Knight Frank India.

This milestone reflects the sector’s rapid expansion from under 200 million sq ft in the early 2000s, driven by India’s status as an affordable ‘sub-dollar’ rental market in the global context, alongside sustained economic growth, rising institutional investment, and strong resilience in global office demand, the report said.

Bengaluru, NCR, and MMR together account for 60% of India’s total office stock, while Hyderabad, Pune, and Chennai contribute another 33%. The remaining 7% is concentrated in Ahmedabad and Kolkata, highlighting the urban-centric nature of India’s office market expansion, the report said.