Amazon Development Center India, Leases 2 Lakh Sq Ft Office Space in Gera Commerzone in Kharadi, Pune

Amazon Development Center (India) Leases 200,000 sqft in Gera Commerzone Kharadi

According to reports from the Pune commercial real estate market, Amazon's software and support services subsidiary Amazon Development Center (India) has leased roughly 200,000 square feet of office space near the Kharadi neighbourhood of Pune, in the information technology (IT) special economic zone (SEZ) Gera Commerzone.

The business has leased the four-floor office space for a period of 10 years at a total cost of about INR 208 crore, including rental increases.

The agreement stipulates that monthly rents would increase by 15% every three years. As a tenant, Amazon Development Center (India) would likewise be subject to a three-year lease term.

Gera Commerzone is a joint venture between Pune-based developer Gera Developments and Mindspace Business Parks REIT, a publicly traded real estate investment trust (REIT) owned by K Raheja Corp.

The project encompasses about 25.8 acres and has a total leasable area of approximately 3 million square feet, of which 50% has been delivered and leased and another 1.5 million square feet is presently under development.

Mindspace Business Parks REIT and Gera Developments formed a joint venture to build this project and have so far leased the office space to multinational corporations such as British Petroleum, Barclays, UPS, Mindcrest, Maveric, and Allstate.

The records acquired by Propstack revealed that Amazon Development Center (India) paid 1.79 crore in stamp duty for the leasing transaction that was finalised and registered on January 13, 2023.

Amazon Development Center (India) has global operations, and its development centres in India are located in Bengaluru, Chennai, and Hyderabad, among others.

In the last decade, the residential and commercial real estate markets in Kharadi, Pune, have risen exponentially.

The announcement of such a massive lease transaction in Gera Commerzone Kharadi is certain to have a beneficial effect on the Pune real estate market as a whole.