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Tishman Speyer, Axis CRE and Kasturi Partner for Pune Office Project

2025-11-24

Tishman Speyer, through its investment arm Axis Commercial Real Estate Fund, has entered into a strategic partnership with Kasturi Housing to develop a Grade-A commercial and IT office project in Balewadi, Pune. JLL Capital Markets, Pune advised and structured the partnership, acting as exclusive real estate consultant.

As part of the alliance, Tishman Speyer, via the Axis CRE fund, has acquired an equal stake alongside Kasturi in a special purpose vehicle that will oversee construction, development and leasing of the project. The upcoming development will offer approximately 1 million sq ft of premium office space designed with advanced sustainability standards and modern workplace technologies. The project is being planned for LEED/IGBC certification and will focus on a wellness-oriented and future-ready work environment.

“We are delighted to expand our footprint in India with a trusted and forward-thinking partner like Kasturi Housing,” said Parvesh Sharma, Managing Director, Tishman Speyer India. “Pune’s growth as a major business hub aligns with our vision of developing world-class, sustainable workplaces. This project underscores our long-term commitment to India.”

Chetan Shah, Head Real Estate, Axis AMC, said, “With significant infrastructure development underway, we are excited to launch our latest project in Pune, strategically located in a rapidly revitalising area. The Kasturi group has created a landmark development at Balewadi.”

Bharat Agarwal, Chairman, Kasturi Housing, said, “This collaboration marks a significant milestone for Kasturi as we bring together our design-driven development approach with Tishman Speyer’s global expertise. The project will redefine workspaces in Pune with a focus on sustainability, technology, and experience.”

Sanjay Bajaj, Senior Managing Director, JLL Pune, said, “This partnership marks a significant milestone for Pune’s commercial real estate market. Bringing together Tishman Speyer’s global development strengths and Kasturi Housing’s established presence creates a powerhouse combination.”

Construction completion is expected by 2028. Pune remains one of the country’s most sought-after office markets with more than 360 global capability centres driving occupier demand.

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