State Bank of India (SBI) has acquired the entire leasehold rights in a commercial building at Kharadi Knowledge Park, MIDC, from M/s Siddhivinayak Enterprises for a total consideration of ₹414 crore plus applicable GST. The Deed of Assignment was executed and registered on 14 August 2026 at the office of the Joint Sub-Registrar, Haveli, Pune .
The assignor is M/s Siddhivinayak Enterprises, a sole proprietorship of Mrs Archana Rajendra Jasud, with registered office at Office No. 205, Lunkad Sky Vista, Viman Nagar, Pune 411014. The assignee is State Bank of India, represented by Shri Anil Rajaram Ambure, Assistant General Manager (Premises and Estate), for establishment of its Local Head Office, Maharashtra Circle, at the property itself (referred to as ‘Spandan’).
The immovable property comprises the amalgamated Plot Nos. AM-3 and 3/2 (total 8,581 sq m) at village Kharadi, Taluka Haveli, District Pune, together with the commercial building standing thereon. The building consists of one basement, stilt and fifteen upper floors. As per the latest Occupancy Certificate issued by MIDC (No. MIDC/DE/IT (II)/1642 dated 19 January 2026), the total built-up area is 17,101.23 sq m with FSI consumed of 1.993 (199.30%). An earlier OC of March 2023 had recorded 17,078.56 sq m. Carpet area is stated as 1,81,084.28 sq ft (jointly measured). The plots carry 95-year leases from MIDC (Plot 3/2 from 1 February 2005 and Plot AM-3 from 1 January 2022), with the right of further renewal, and annual ground rent of ₹1 after amalgamation.
The transaction originated from SBI’s tender issued on 28 April 2023 (Tender ID MAH202304001) for outright purchase of ready-built premises in Kharadi, Viman Nagar or Baner for its Local Head Office. Siddhivinayak Enterprises was declared the successful bidder. A Letter of Intent was issued on 1 November 2023, followed by a registered Agreement to Assign dated 2 August 2024.
Title history shows Plot 3/2 was originally leased by MIDC to Meltek Info Systems Pvt Ltd in 2005 and assigned to Siddhivinayak Enterprises in 2018. Plot AM-3 was leased directly to Siddhivinayak Enterprises in 2023. MIDC permitted change of use from industrial to commercial/business centre and sanctioned amalgamation of the two plots. Mortgage charges created in favour of SVC Co-operative Bank Ltd (for facilities of ₹75 crore and ₹85.41 crore) were fully repaid and released by a registered Reconveyance Deed dated 16 August 2024. MIDC issued the requisite Transfer Order on 26 August 2024, and the Income Tax Department granted clearance under Section 281 of the Income Tax Act.
Payment of the ₹414 crore consideration (exclusive of GST, subject to TDS) was staggered:
- 10% (₹41.40 crore) on 29 December 2023;
- ₹114.24 crore on 9 August 2024 towards outstanding mortgage liability with SVC Bank and ₹175.56 crore on 21 September 2024;
- Final 20% (₹82.80 crore) on 14 August 2026, the date of registration of the Deed of Assignment.
TDS of 1% (₹4.14 crore) is to be deducted and deposited by SBI. A security deposit of ₹20.70 crore (5% of consideration) in the form of a Bank of Baroda bank guarantee remains with SBI for a 12-month defect liability period.
Vacant, peaceful and exclusive possession was delivered on 13 September 2024. The assignor has undertaken to complete certain minor residual finishing works at her own cost without additional consideration. All statutory dues, rents, taxes and outgoings up to the date of registration have been confirmed paid by the assignor. The property is free from encumbrances, and SBI has taken over the residual term of the MIDC leases along with all appurtenant rights, approvals and the benefit of renewal covenants.
This high-value institutional acquisition underscores the continued demand for large, ready commercial campuses in Pune’s eastern corridor for banking and corporate headquarters use. The document forming the basis of this report was provided by CRE Matrix – A Real Estate Data Analytics Firm.
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