American multinational corporation and technology company Nvidia Corp has renewed its lease for an office space spread over 3.75 lakh sq ft at a commercial complex in Pune‘s Yerwada locality for a long-term tenure of 10 years.
The California headquartered company has renewed the lease for its office space across a total 8 floors of commercial tower Commerzone Yerwada.
The lease agreement for the renewal that took effect from August 1 has been inked with Mindspace Business Parks REIT, the developer of the commercial complex.
The renewed lease has set the monthly rent at Rs 81 per sq ft, amounting to a total monthly payout of Rs 3.03 crore. As part of the agreement, Nvidia has deposited a security equivalent to six months’ rent, showed documents accessed through Propstack.
The lease agreement includes a clause to escalate rentals by 5% every year, ensuring that the landlord benefits from inflation-adjusted returns over the 120-month lease period. This escalation is in line with market norms for premium office spaces in India’s metropolitan cities.
ET’s email query to Mindspace Business Parks REIT remained unanswered until the time of going to press, while Nvidia could not be reached for a comment.
This lease renewal marks another milestone for Pune’s commercial real estate sector, particularly in the IT and ITES segment, where large multinationals like Nvidia play a pivotal role. Yerwada, with its connectivity and proximity to the Pune airport, remains one of the city’s most sought-after business hubs.
Nvidia has a significant presence in India with offices in major cities like Pune, Bengaluru, and Hyderabad, Nvidia focuses on research and development in artificial intelligence (AI), graphics processing units (GPUs), and data centers.
India serves as a crucial talent hub for Nvidia, contributing to its advancements in technologies such as machine learning, cloud computing, and autonomous systems. The company’s collaborations with Indian enterprises and academic institutions further underscore its commitment to driving innovation and supporting the nation’s digital transformation.
The continued presence of Nvidia in Pune further solidifies the city’s reputation as an emerging technology hub in India, where major global players are expanding their footprints. With tech demand on the rise, the commercial real estate market in Pune is expected to see further growth in the coming years.
