Nvidia Corp, an American multinational corporation and technology company, has renewed its lease for an office space of 375,000 sq ft in a commercial complex located in Pune's Yerwada locality for a long-term period of 10 years. The California-based company has secured the lease for its office spread across eight floors of the Commerzone Yerwada commercial tower.
The lease agreement, effective from August 1, has been finalized with Mindspace Business Parks REIT, the developer of the complex. According to documents accessed through Propstack, the renewed lease sets the monthly rent at Rs 81 per sq ft, resulting in a total monthly payment of Rs 30.03 million. As part of the agreement, Nvidia has deposited a security amount equivalent to six months’ rent.
The lease includes a clause that allows for a 5% rental escalation every year, ensuring that the landlord benefits from inflation-adjusted returns throughout the 120-month lease period. This escalation aligns with market norms for premium office spaces in India’s metropolitan areas
This lease renewal represents a significant development for Pune's commercial real estate sector, especially within the IT and ITES segments, where large multinationals like Nvidia play a crucial role. Yerwada, known for its connectivity and proximity to Pune airport, continues to be one of the city's most desirable business hubs.
Nvidia maintains a considerable presence in India, with offices in major cities including Pune, Bengaluru, and Hyderabad. The company emphasizes research and development in areas such as artificial intelligence (AI), graphics processing units (GPUs), and data centres. India serves as an essential talent hub for Nvidia, contributing to advancements in machine learning, cloud computing, and autonomous systems. The company’s partnerships with Indian enterprises and academic institutions further highlight its dedication to fostering innovation and supporting the country’s digital transformation.
Nvidia's ongoing presence in Pune reinforces the city’s reputation as an emerging technology hub in India, where major global players are expanding their operations. With increasing demand for technology, the commercial real estate market in Pune is anticipated to experience further growth in the coming years.
