Rising Sun Holdings, an entity co-owned by Adar Cyrus Poonawalla, has acquired a large office space spread across floor floors of Cerebrum IT Park in Pune’s Hinjewadi information technology hub for a total transaction value of Rs 395 crore.
The seller, Zawareh Soli Poonawalla, brother of Cyrus Poonawalla, has sold this commercial space spread across 2.2 lakh sq ft through four separate transactions.
The first transaction involved the purchase of the first floor in the Building B1 of the IT park, with a built-up area of 52,798 sq ft. This deal includes common areas, facilities, 53 basement parking spaces, and a 13.43% undivided share of the 2.3-acre property. This transaction was valued at Rs 97.4 crore, with the per sq ft rate on the carpet area being Rs 23,060.
The second transaction saw Rising Sun Holdings acquiring the third floor of the same tower, which spans a built-up area of 55,595 sq ft. This deal also includes 55 parking spaces and a 14.14% undivided share of the property. The value of this transaction is Rs 99.2 crore, at a rate of Rs 22,304 per sq ft on the carpet area, showed documents accessed through Propstack.
Similarly, the third and fourth transactions involved the purchase of the fourth and fifth floors of the same tower, each with the same built-up areas as the third floor, along with the same percentage of undivided share and parking spaces. Both these transactions were also valued at Rs 99.2 crore each, with a rate of Rs 22,304 per sq ft on the carpet area basis.
In total, Rising Sun Holdings has acquired around 2.20 lakh sq ft across four floors in Cerebrum IT Park. The acquisitions mark a significant investment in one of Pune’s prime commercial hubs, reflecting Rising Sun Holdings’ expanding real estate portfolio.
ET’s email queries to Rising Sun Holdings, Adar Poonawalla, and Zawareh Poonawalla remained unanswered until the time of going to press.
Rising Sun Holdings has been expanding its real estate portfolio through strategic acquisitions, including a controlling stake in Magma Fincorp, now rebranded as Poonawalla Fincorp, which encompasses both financial and real estate assets.
The company has diversified into other sectors such as hospitality and commercial real estate, reinforcing its role as a key player in India’s property markets. This approach aligns with its broader strategy to strengthen its position in high-value real estate across various segments.
The Indian office sector has been seeing sustained growth in demand despite the global sluggishness, and the performance is seen as a testament to the strong fundamentals of demand and the absence of any lasting effects of the global headwinds.
Source Homevior.in
