Advertisement
Tishman Speyer and Axis Commercial Real Estate Fund have partnered with Kasturi Housing to develop a INR 1,700-crore commercial and IT office project in Pune's Balewadi area. The 1 million sq ft development will see Tishman Speyer and Axis hold a combined 50% stake, while Kasturi Housing provides the land and retains the remaining share. Tishman will manage the project, which forms part of a larger mixed-use layout. The partners say Pune's strong infrastructure growth and its base of over 360 global capability centres make it a high-potential office market. This marks the second investment from the Axis-Tishman commercial real estate platform, which targets major Indian office hubs.
Tishman Speyer, a global real estate investment and development firm, and Axis Commercial Real Estate Fund have joined forces with Kasturi Housing to develop a commercial and IT office project in Pune's Balewadi area, valued at INR 1,700 crore. The development is set to cover approximately 1 million sq ft of premium office space, with Tishman Speyer and Axis holding a combined 50?percent stake and Kasturi Housing holding the remaining. Advertisement
Parvesh Sharma, MD and Country Head of Tishman Speyer India, said the Pune project aligns with the company's broader plan to expand its commercial portfolio across major Indian office markets. The project forms part of a larger layout combining commercial and residential development, with Tishman acting as an equity partner and managing the development, while Kasturi Housing contributes the land and has secured all necessary approvals.
Chetan Shah, Head of Real Estate at Axis AMC, highlighted that Pune's ongoing infrastructure growth makes it a strategic market, supporting the city's evolving commercial corridors. He added that this investment fits the fund's broader strategy to establish a strong presence across India's key office hubs.
Bharat Agarwal, Chairman of Kasturi Housing, mentioned that the collaboration marks the next phase of their commercial development plans. He stated that the project will be closely coordinated with Tishman Speyer and Axis AMC to ensure it meets current market requirements for office occupiers.
JLL Capital Markets, Pune, acted as the exclusive real estate consultant for the partnership, facilitating the deal among the three firms. Sanjay Bajaj, Senior MD at JLL Pune, said that Pune hosts more than 360 global capability centres, which continue to drive occupier demand, especially from technology, engineering, and financial services companies. The city remains one of the most active office markets in India.
This development marks the second investment from the Axis Commercial Real Estate Fund, a joint platform between Tishman Speyer and Axis that focuses on commercial real estate projects in India's top eight property markets. Institutional capital continues to play a larger role in shaping India's office market, as global and domestic investors increasingly allocate funds to income-generating and development-stage assets.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
