Asterope Properties Pvt Ltd, a subsidiary of K Raheja Corp, has leased three office units in Pune’s Baner area to Eaton Technologies Pvt Ltd, a subsidiary of Eaton Corporation, for 10 years at a monthly rent of Rs 16.5 million, according to property registration documents accessed by CRE Matrix.

The 150,000 sq ft commercial space is located in Aditya Shagun Infinity IT Park, with the transaction registered on 3 August 2025. A stamp duty of Rs 13.4 million and a registration fee of Rs 1,000 were paid. The lease includes a five-year lock-in period, an annual rent escalation of 4.5 per cent, and a security deposit of Rs 99 million.

The lease will commence in three phases — 15 July 2025, 1 December 2025, and 15 January 2026. Eaton and Asterope did not respond to requests for comment.

According to Knight Frank India, India’s office market is set to cross one billion sq ft by Q3 2025, making it the fourth largest globally. The market has grown from under 200 million sq ft in the early 2000s, fuelled by competitive rental rates, economic growth, institutional investment, and strong global demand. Bengaluru, NCR, and MMR account for 60 per cent of total stock, with Hyderabad, Pune, and Chennai contributing 33 per cent, and the remaining 7 per cent in Ahmedabad and Kolkata.