Rising Sun Holdings, co-owned by Adar Cyrus Poonawalla, has acquired approximately 2.20 lakh sq ft of office space across four floors in Pune's Cerebrum IT Park for a total of INR 395 crore. The seller, Zawareh Soli Poonawalla, facilitated the sale through four separate transactions. This significant investment aligns with Rising Sun Holdings' strategy to expand its presence in India's commercial real estate sector. The company has also diversified into hospitality and other high-value real estate segments, reinforcing its role as a major player in the market despite global economic challenges.
Rising Sun Holdings, co-owned by Adar Cyrus Poonawalla, has purchased a significant office space in Pune's Hinjewadi IT hub. The space, located in Cerebrum IT Park, spans four floors, with the total deal amounting to INR 395 crore. The seller, Zawareh Soli Poonawalla, who is Cyrus Poonawalla's brother, sold the commercial space, which covers a total area of 2.2 lakh sq ft, through four separate transactions.
In the first of these deals, Rising Sun Holdings acquired the first floor of Building B1 within the IT park. The built-up area of this floor is 52,798 sq ft and comes with access to common areas, facilities, and 53 basement parking spots. Additionally, the transaction includes a 13.43% undivided share of the entire 2.3-acre property. This specific deal was valued at INR 97.4 crore, with a price of INR 23,060 per sq ft based on the carpet area.
In the second transaction, Rising Sun Holdings purchased the third floor of the same building. This floor spans 55,595 sq ft of built-up area, including 55 parking spaces and a 14.14% undivided share of the property. The deal was valued at INR 99.2 crore, with a per sq ft rate of INR 22,304 based on the carpet area, according to documents accessed through Propstack.
Similarly, the third and fourth transactions involved acquiring both the fourth and fifth floors of the same tower. Each floor shares the same built-up area as the third floor, along with an identical percentage of the undivided share and parking allocation. Both these deals were also valued at INR 99.2 crore each, with the same rate of INR 22,304 per sq ft on the carpet area.
In total, Rising Sun Holdings has secured approximately 2.20 lakh sq ft across four floors in Cerebrum IT Park. This acquisition represents a significant investment in one of Pune's key commercial areas and showcases the company's growing presence in the real estate market.
Rising Sun Holdings has been steadily expanding its real estate portfolio through strategic acquisitions. This includes their recent controlling stake in Magma Fincorp, now rebranded as Poonawalla Fincorp, which spans both financial and real estate assets. Rising Sun Holdings has also diversified into sectors like hospitality and commercial real estate, further solidifying its role as a key player in India's property market. This move is part of a broader strategy aimed at strengthening the company's position in high-value real estate across different sectors. Despite global economic challenges, India's office sector has continued to experience steady demand. This growth is often attributed to the strong underlying fundamentals in the market, which seem resilient to any lasting impact from global economic slowdowns.
Rising Sun Holdings' acquisition of a substantial office space in Pune's Cerebrum IT Park reflects its strategic approach to strengthening its foothold in India's booming commercial real estate sector. By diversifying into sectors like hospitality and making calculated investments, the company is positioning itself as a key player in high-value property markets. This move underscores the company's confidence in the resilience of the Indian real estate market, which continues to show strong demand despite global economic uncertainties. Rising Sun's growth strategy highlights its commitment to expanding its influence across various real estate segments.
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