Nvidia has renewed its 10-year lease for 375,000 sq ft of office space in Pune’s Yerwada at Commerzone Tower. The deal includes a 5% annual rent escalation. This renewal underscores Nvidia’s commitment to India’s growing tech landscape, focusing on AI, GPUs, and cloud computing innovations.
Nvidia Corporation, a leading American tech company, has extended its lease for 375,000 square feet of office space in Pune’s Yerwada locality. The renewed lease, covering eight floors of the Commerzone Yerwada commercial tower, signals Nvidia’s long-term commitment to its Indian operations. The lease is set for a 10-year term starting August 1. The agreement was finalised with Mindspace Business Parks REIT, the complex developer.
The lease terms include a monthly rent of Rs 81 per square foot, bringing the total monthly payment to Rs 30.03 million. Nvidia also deposited a security amount equivalent to six months’ rent. Notably, the lease incorporates a 5% annual rental escalation, which aligns with market standards for premium office spaces in India. This ensures inflation-adjusted returns for the landlord over the lease’s 120-month period.
Strategic Location and Business Expansion
Yerwada is one of Pune’s most sought-after business hubs due to its connectivity and proximity to the Pune International Airport. This area continues to attract major multinational companies like Nvidia, further boosting Pune’s commercial real estate sector, particularly in the IT and ITES industries.
Nvidia’s decision to renew its lease highlights the company’s growing footprint in India, where it already operates offices in key cities such as Bengaluru and Hyderabad. “This renewal reinforces Nvidia’s commitment to India, a crucial talent hub driving advancements in AI, GPUs, and data centres,” the report states. The company’s presence in Pune is significant in its global research and development efforts, focusing on cutting-edge technologies like machine learning and autonomous systems.
Nvidia’s Role in India’s Tech Ecosystem
India has become a pivotal location for Nvidia’s operations, with its workforce contributing significantly to innovations in artificial intelligence and cloud computing. Nvidia’s partnerships with Indian enterprises and academic institutions emphasise its dedication to nurturing the country’s tech landscape and supporting its digital transformation.
The ongoing growth of companies like Nvidia in Pune strengthens the city’s position as an emerging technology hub. With an increasing demand for technological advancements, Pune’s commercial real estate market is expected to grow further, attracting more global players.
Nvidia’s renewed lease underscores the company’s confidence in India’s talent pool and highlights Pune’s strategic importance in its expansion plans. It marks a significant milestone for the region’s commercial property sector.
