ICICI Bank has leased 3,347 sq ft of commercial space in Pune’s Hadapsar. The property is located at Farena Corporate Park on Mundhawa Road. Farida Pankaj Udhas, wife of late ghazal singer Pankaj Udhas, has leased the property to ICICI Bank. The deal adds a celebrity-linked commercial transaction to Pune’s active property market. According to property registration documents accessed by CRE Matrix, the property has been leased at ₹2.50 lakh per month.
Hadapsar is an established commercial location in eastern Pune. The area has offices, residential projects and major employment hubs. Its connectivity has also supported business activity across the wider corridor. The latest ICICI Bank Pune office lease adds to the demand for commercial spaces in the locality.
Key Details of the Transaction
The agreement was registered on September 17, 2026. The lease has a nine-year tenure and also marks the commencement date. Based on the registered carpet area, the monthly rent works out to around ₹74.69 per sq ft.
The agreement includes a 10% rent escalation every three years. ICICI Bank will also have access to four car parking spaces and 15 two-wheeler parking spaces. The lease provides a ₹10 lakh security deposit. It also includes a six-month lock-in period for the parties involved.
Rental Terms and Lease Value
The lease agreement provides a total rent-free period of 105 days. This period will reduce the effective rental outgo during the lease term. However, the contracted rental rates remain subject to the agreed escalation schedule. The rental terms are based on the starting monthly rent of ₹2.50 lakh.
Based on the agreed rent and escalation, the total rental outgo is estimated at around ₹2.89 crore. This estimate excludes the rent-free period and other applicable charges. The 10% escalation every three years will increase the monthly rental during the lease. The terms reflect a long-term commercial commitment by ICICI Bank.
Hadapsar’s Growing Commercial Market
Hadapsar has developed into an important commercial and mixed-use corridor in eastern Pune. The area has a mix of office spaces, residential projects and employment centres. Its connectivity to other parts of Pune has also supported commercial activity. These factors continue to attract businesses seeking well-connected office locations.
Farena Corporate Park adds to the commercial office inventory in the locality. The ICICI Bank lease highlights institutional demand for commercial space in Hadapsar. It also adds to the wider leasing activity across Pune. The transaction shows continued interest in established commercial corridors within the city.
Celebrity Property Activity in Pune
Pune has also recorded several recent property transactions involving Bollywood celebrities. In one transaction, Manoj Bajpayee bought a 4.45-acre land parcel in Mulshi for ₹1.37 crore. The deal added a sizeable land parcel to his property portfolio. Mulshi has also attracted other celebrity buyers in recent months.
In another major transaction, Ranbir Kapoor bought 25.7 acres of land in Pune’s Mulshi for ₹16.42 crore. These deals highlight continued celebrity interest in Pune’s larger land parcels. The ICICI Bank lease adds a different asset type to this activity. It also brings a celebrity-linked commercial property transaction into the city’s institutional leasing market.
