Key terms
- Tenure: 9 years (17 September 2026 to 16 September 2035)
- Lease commencement: 17 September 2026
- Rent-free period: 105 days from possession / agreement, whichever is later
- Opening monthly rent: ₹2,50,000 + GST
- Escalation: 10% every 3 years
- Lock-in: 6 months from commencement
- Security deposit: ₹10,00,000 (interest-free)
- CAM / property tax: borne by the lessor
- Premises: Office 1021 / 1021A, 1st floor, Farena Corporate Park, Magarpatta–Mundhwa Road, Hadapsar, Pune
- Area: 3,347 sq ft carpet + 4 car parks and 15 two-wheeler parks
Farida Pankaj Udhas has given a first-floor office at Farena Corporate Park, Hadapsar, Pune, on a nine-year lease to ICICI Bank Limited for its Magarpatta branch, according to the registered lease deed provided by CRE Matrix, a real estate data analytics firm. The deed was executed at Pune in September 2026 and registered at the Haveli-1 Sub-Registrar. Stamp duty of ₹3,89,100 and registration fee of ₹30,000 (total ₹4,19,100; GRN MH009160837202627E, paid 28 August 2026) were deposited by the bank; stamp and registration costs are to be shared 50:50.
The lessor is Farida Pankaj Udhas, 72, of 6A, Hillside, Carmichael Road, Mumbai 400026 (PAN AAAPU1536H). The lessee is ICICI Bank Ltd (PAN AAACI1195H), registered at ICICI Bank Tower, Old Padra Road, Vadodara, with corporate office at ICICI Bank Towers, Bandra Kurla Complex, Mumbai. The bank signed through authorised signatory Christopher Vangari under a 31 January 2017 board authority. Rent is to be paid as instructed by the lessor to M/s Farena Corporate Park.
The premises
Commercial Office No. 1021 / 1021A on the first floor of Farena Corporate Park (also recorded on the municipal bill as A-Wing, Marvel, S. Nos. 136 and 137), Magarpatta–Mundhwa Road, Hadapsar, Pune 411013, measures 3,347 sq ft carpet. Four four-wheeler and 15 two-wheeler parks in the compound go with the lease. Boundaries run to Survey No. 136 land on the north, west and south and a 24-metre DP road on the east. The bank may run a branch, office, ATM and related operations, put up fascia and glow-sign boards, a terrace dish antenna, an outdoor AC condenser and a DG set, and use common toilets, terrace and passages. The lessor is to supply 67 kVA power and 100% DG backup from 8 am to 8 pm, Monday to Saturday.
Period and rent
The lease runs nine years from 17 September 2026 to 16 September 2035. Lock-in is six months from commencement. A rent-free fit-out window of 105 days (60 days plus 45 days against washroom works in the owner’s scope) starts from possession or the agreement date, whichever is later. Rent starts only after handover, completion of the owner’s fit-out, expiry of that window and arrangement of the agreed power load, whichever is last.
Monthly rent, plus GST, is:
The step-up is 10% after every three years. Rent is payable on or before the 10th of the succeeding month, subject to TDS, into the lessor’s account with the bank. If measured carpet is less than 3,347 sq ft, rent falls pro-rata; it does not rise if the area is more.
Deposit and outgoings
An interest-free refundable security deposit of ₹10 lakh sits with the lessor. Municipal property tax, maintenance and any increase in either stay with the lessor. The bank pays electricity and water on separate meters and its share of DG running cost. Pune courts have exclusive jurisdiction.
A nine-year ICICI Magarpatta branch take of 3,347 sq ft at Farena Corporate Park, Hadapsar — opening at ₹2.50 lakh a month, 10% every three years, 105 days rent-free and a six-month lock-in — is now on the public registration record circulated by CRE Matrix.
