Mumbai, Aug. 28 -- State Bank of India (SBI) has acquired a commercial property in Kharadi Knowledge Park comprising over two acres of leasehold land and an existing multi-storey building for Rs 4.14 bn. The parcel comprises 8,581 sq m of leasehold land and a building with a constructed area of 17,078.56 sq m, which is about 183,830 sq ft in total. The built-up space was previously described as 1.83 lakh sq ft, equivalent to 0.183 mn sq ft, and the acquisition includes 200 car parking spaces.

The building rises over basement, stilt and 15 floors and the transaction conveys the leasehold rights in the underlying plot together with outright ownership of the structure. The transfer was executed by means of a Deed of Assignment and is registered with the Maharashtra government. Siddhivinayak Enterprises acted as the assignor while SBI is the assignee in the recorded transaction.

The deal was registered on 14 August 2026 and the consideration recorded in the property documents stood at Rs 4.14 bn, with stamp duty of Rs 289.8 mn. The registration papers also show that Maharashtra Industrial Development Corporation remained the owner of the land, which had been leased to Siddhivinayak Enterprises before being assigned to the bank. The documentation indicates the transfer of both the leasehold interest and the ownership of the constructed asset to SBI.

Market observers note that Kharadi has emerged as a major office hub in eastern Pune, supported by proximity to the airport and major road links. The area has attracted technology parks and commercial developments in recent years, contributing to demand for high?quality office stock. The acquisition ranks among the larger office asset purchases by a bank in recent deals within the city.

Local property data cited in the broader market context show a modest recovery in housing demand, with sales rising seven per cent year?on?year for the 12 months ended June 2026, even as new project launches increased. The acquisition is likely to be seen as part of institutional interest in ready office stock amid evolving occupier and investment dynamics in Pune.

Published by HT Digital Content Services with permission from Construction World.