Key Takeaways
- • Axis Commercial Real Estate Fund and Tishman Speyer have partnered with Kasturi Housing to develop a Grade-A commercial and IT office project in Balewadi, Pune, valued at approximately ₹1,700 crore (~$204 million USD equivalent).
- • The joint venture will deliver approximately 1 million square feet of premium office space, with Axis and Tishman collectively holding a 50% stake and Kasturi Housing retaining the remaining 50%.
- • The project targets growing demand from technology and corporate services firms seeking high-quality office infrastructure in Pune's expanding commercial real estate market.
- • Khaitan & Co advised both Axis Commercial Real Estate Fund and Tishman Speyer on the transaction, with Deepak Jodhani and Gautam Suseel serving as lead partners on the deal.
Summary
Axis Commercial Real Estate Fund and Tishman Speyer have entered into a strategic partnership with Kasturi Housing to jointly develop a premium commercial and IT office project in Balewadi, Pune. The transaction, valued at approximately ₹1,700 crore, represents a significant institutional capital deployment in India's commercial real estate sector and signals continued investor confidence in Pune's office infrastructure market.
Under the partnership structure, Axis and Tishman will collectively hold a 50% equity stake in the development through a special purpose vehicle, while Kasturi Housing retains the remaining 50% stake. The project will deliver approximately 1 million square feet of Grade-A office space designed to meet institutional standards for technology companies, IT services firms, and corporate service providers. This positioning aligns with broader trends in India's commercial real estate market, where tier-II cities like Pune have become increasingly attractive to multinational and domestic tech employers seeking alternatives to saturated metropolitan centers.
The development is positioned to set a new benchmark in commercial office supply within the Pune region, addressing a structural undersupply of premium, institutional-grade office infrastructure. Tishman Speyer will also manage the project, leveraging its international expertise in large-scale commercial real estate development. Khaitan & Co provided full legal advisory services to both Axis and Tishman on the transaction, with the firm's team led by Partners Deepak Jodhani and Gautam Suseel, supported by Principal Associate Amulya Sharma and Partners Devendra Deshmukh and Anirudh Jakhotia on title and real estate matters. The deal reflects institutional investors' continued focus on India's high-growth commercial real estate markets, particularly in secondary cities with robust technology sector employment bases.
Under the partnership structure, Axis and Tishman will collectively hold a 50% equity stake in the development through a special purpose vehicle, while Kasturi Housing retains the remaining 50% stake. The project will deliver approximately 1 million square feet of Grade-A office space designed to meet institutional standards for technology companies, IT services firms, and corporate service providers. This positioning aligns with broader trends in India's commercial real estate market, where tier-II cities like Pune have become increasingly attractive to multinational and domestic tech employers seeking alternatives to saturated metropolitan centers.
The development is positioned to set a new benchmark in commercial office supply within the Pune region, addressing a structural undersupply of premium, institutional-grade office infrastructure. Tishman Speyer will also manage the project, leveraging its international expertise in large-scale commercial real estate development. Khaitan & Co provided full legal advisory services to both Axis and Tishman on the transaction, with the firm's team led by Partners Deepak Jodhani and Gautam Suseel, supported by Principal Associate Amulya Sharma and Partners Devendra Deshmukh and Anirudh Jakhotia on title and real estate matters. The deal reflects institutional investors' continued focus on India's high-growth commercial real estate markets, particularly in secondary cities with robust technology sector employment bases.
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