Nvidia Corp has renewed its 375,000 sq ft office lease in Pune's Yerwada for a long-term period of 10 years, with a monthly rent set at INR 81 per sq ft. The agreement includes a 5% annual rent escalation, aligning with market standards for premium office spaces. Nvidia's presence in India, particularly in Pune, underscores the region's significance as a technology hub, driving advancements in AI, cloud computing, and more. As demand for tech solutions rises, Pune's commercial real estate market is expected to experience further growth in the coming years.
Nvidia Corp, a major American multinational and technology company, has renewed its lease for an office space covering 375,000 sq ft in Pune's Yerwada area. The lease spans a long-term period of 10 years. The California-based company has secured its office space across eight floors of the Commerzone Yerwada commercial tower. This lease renewal, effective from earlier this month, was signed with Mindspace Business Parks REIT, the developer of the commercial property. Under the new terms, Nvidia will pay a monthly rent of INR 81 per sq ft, bringing their total monthly rental payment to around INR 3.03 crore. The company has also provided a security deposit equivalent to six months' rent, according to documents sourced from Propstack.
The lease agreement also includes a clause that allows for a 5% annual rental increase, which helps the landlord maintain inflation-adjusted returns throughout the 120-month lease term. This kind of escalation is common for premium office spaces in major metropolitan areas in India. This lease renewal represents a significant development for Pune's commercial real estate market, especially within the IT and ITES sectors, where large multinationals like Nvidia are crucial players. Yerwada continues to be one of the city's most desirable business hubs, thanks to its excellent connectivity and proximity to Pune's airport. Nvidia has established a strong foothold in India, with offices located in key cities such as Pune, Bengaluru, and Hyderabad. The company prioritises research and development in areas like artificial intelligence (AI), graphics processing units (GPUs), and data centres.
India plays a vital role as a talent hub for Nvidia, significantly contributing to advancements in technologies such as machine learning, cloud computing, and autonomous systems. Nvidia's partnerships with Indian businesses and academic institutions highlight its dedication to fostering innovation and aiding the country's digital transformation. Nvidia's ongoing presence in Pune enhances the city's reputation as an emerging technology hub in India, attracting major global companies to expand their operations. With the growing demand for tech solutions, the commercial real estate market in Pune is poised for continued growth in the coming years.
Nvidia's lease renewal in Pune not only reflects the company's commitment to its operations in India but also reinforces the region's status as a thriving technology hub. As major multinationals continue to invest in Pune, the city is poised for significant growth in the IT and commercial real estate sectors. With a focus on innovation and collaboration, Nvidia's presence is likely to attract more businesses and talent, contributing to the ongoing digital transformation in India and shaping the future of technology in the region.
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