ICICI Bank has leased 3,347 sq ft of commercial space at Farena Corporate Park in Pune’s Hadapsar from Farida Pankaj Udhas for nine years. The agreement starts at ₹2.50 lakh per month, includes a 10% rent escalation every three years, and a 105-day rent-free period.
ICICI Bank has leased 3,347 sq ft of commercial space in Pune’s Hadapsar from Farida Pankaj Udhas, wife of the late ghazal singer Pankaj Udhas, in a nine-year agreement valued at an estimated ₹2.89 crore over the full term.
The property is located on the first floor of Farena Corporate Park on Mundhawa Road. The lease agreement was registered on September 17, 2026, which also marks the start of the lease. The starting monthly rent is ₹2.50 lakh, which translates to approximately ₹74.69 per sq ft based on the registered carpet area.
The transaction was identified through property registration documents accessed by CRE Matrix.
Rent Escalation and Lock-In Terms
The lease includes a structured escalation clause, with rent increasing by 10% every three years. Based on the initial rent and these scheduled increases, the total rental outgo over nine years is estimated at ₹2.89 crore.
The agreement also provides a “total rent-free period of 105 days,” offering an initial concession under the lease. A six-month lock-in period is also included, during which the parties remain subject to the terms specified in the registered agreement.
The estimated rental value excludes the rent-free period and other applicable charges, making the headline ₹2.89 crore an indicative calculation based on the registered rent schedule.
Hadapsar Strengthens Its Office Appeal
The property is situated along Mundhawa Road in Hadapsar, one of eastern Pune’s established mixed-use corridors. The area combines residential developments with commercial and office projects and benefits from connectivity to several employment hubs across the city.
For occupiers such as banks, locations with established infrastructure and access to residential catchments can support branch operations, back-office functions and other commercial requirements.
The ICICI Bank lease adds another institutional occupier to Hadapsar’s commercial ecosystem and highlights continued leasing activity in Pune’s established office and mixed-use markets.
Bank-Led Commercial Real Estate Activity
The deal comes amid broader activity by financial institutions in Pune’s commercial real estate market. In August 2026, State Bank of India acquired about 92,000 sq ft of leasehold land along with around 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.
That transaction included a building with a basement, stilt and 15 floors, along with 200 car parking spaces.
Against this backdrop, the ICICI Bank lease represents a smaller but notable occupier transaction. It also demonstrates the continuing demand for commercial space across Pune, where established locations such as Hadapsar and Kharadi remain important nodes for office and institutional activity.
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