Tishman Speyer and Axis CRE Join Kasturi Housing for Rs 1,700 Crore Pune Office Project

• Tishman Speyer and Axis CRE team up with Kasturi Housing for a Rs 1,700 crore office project in Pune.
• The partnership will develop 1 million sq ft of premium commercial and IT office space in Balewadi.
• Tishman and Axis will jointly hold 50% stake, while Kasturi Housing retains the rest and owns the land.

Global real estate firm Tishman Speyer and Axis Commercial Real Estate Fund have entered a strategic partnership with Kasturi Housing to develop a large-scale commercial and IT office project worth Rs 1,700 crore in Pune’s growing Balewadi district. The joint venture will create around 1 million sq ft of premium office space, strengthening Pune’s position as one of India’s most active corporate hubs.

Under the structure of the deal, Tishman Speyer and Axis CRE will together own 50% of the development, while Kasturi Housing will hold the remaining stake. Kasturi also owns the land parcel and has secured all necessary approvals. Tishman Speyer will oversee project development as part of its wider plan to expand its commercial portfolio across India.

According to the companies, the project is part of a larger mixed-use layout that also includes residential and commercial components. Rapid infrastructure upgrades in Pune, such as metro expansion and new road networks are boosting demand for high-quality office spaces, making Balewadi an attractive destination for global firms.

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Industry leaders say Pune continues to be a preferred market for technology, engineering, BFSI and global capability centers. With more than 360 GCCs already operating in the city, demand for Grade-A offices remains steady.

JLL Capital Markets acted as the exclusive transaction advisor for the partnership.

This is Axis CRE Fund’s second investment as part of its alliance with Tishman Speyer to build a portfolio of commercial real estate developments across India’s top cities. With institutional capital rising and global investors seeking stable, long-term returns, the Pune project highlights the increasing confidence in India’s commercial real estate sector.