ICICI Bank Limited has leased 3,347 sq ft of commercial space in Pune from Farida Pankaj Udhas, wife of the late ghazal singer Pankaj Udhas, for a nine-year period. According to property registration documents accessed by CRE Matrix, the property is located at Farena Corporate Park on Mundhawa Road in Hadapsar and has been leased at a monthly rent of ₹2.50 lakh. The total rental outgo over the lease term is estimated at around ₹2.89 crore.
Based on the registered carpet area, the monthly rent works out to approximately ₹74.69 per sq ft.
What are the key details of the ICICI Bank lease?
The lease agreement was registered on September 17, 2026, which is also the commencement date. The agreement has a nine-year tenure, with a 10% rent escalation every three years.
The agreement provides for a ₹10 lakh security deposit. ICICI Bank will also have access to four car parking spaces and 15 two-wheeler parking spaces.
Additionally, the lease includes a total rent-free period of 105 days. The agreement also carries a six-month lock-in period, during which both parties remain subject to the registered lease terms.
Based on the starting rent and stipulated escalation, the total rental outgo over the full lease period is estimated at around ₹2.89 crore, excluding the rent-free period and other applicable charges.
What makes Hadapsar a key commercial corridor?
Hadapsar is one of eastern Pune’s established mixed-use locations, with a combination of commercial developments, residential projects and employment hubs.
The locality benefits from connectivity to several parts of the city and has attracted businesses across different sectors. Its proximity to major employment centres has also supported demand for commercial spaces in the wider corridor.
The ICICI Bank lease adds another institutional transaction to the commercial activity recorded in the area.
What are some other major commercial transactions in Pune?
Pune has also recorded significant commercial property transactions involving large institutional occupiers and investors.
In August 2026, State Bank of India acquired 8,581 sq m, or around 92,000 sq ft, of leasehold land along with approximately 1.83 lakh sq ft of built-up space at Kharadi Knowledge Park for ₹414 crore, according to property registration documents accessed by CRE Matrix.
The property is spread across a building comprising a basement, stilt and 15 floors. The transaction gives SBI leasehold rights to the land and outright ownership of the building, which measures approximately 17,078.56 sq m, or 1.83 lakh sq ft.
The property also includes 200 car parking spaces.
The transaction highlights the scale of institutional activity in Pune’s commercial real estate market, alongside leasing activity such as the ICICI Bank deal.
Recent Transactions
Pune’s commercial real estate market has continued to record transactions across office spaces, business parks and institutional properties. These deals reflect activity across established commercial corridors and highlight the demand for well-located commercial assets in the city.
Want to track commercial property transactions across Pune and other key markets? Explore CRE Matrix for granular real estate data and market insights.
