ICICI Bank Limited has leased 3,347 sq ft of commercial space in Pune, from Farida Pankaj Udhas, wife of the late legendary ghazal singer Pankaj Udhas, for a 9-year tenure, at a total rent of around ₹ 2.89 crore, according to property registration documents accessed by CRE Matrix.
The leased property is on the first floor of Farena Corporate Park on Mundhawa Road in Hadapsar, Pune, and is leased at a monthly rent of ₹ 2.50 lakh. Based on the registered carpet area of 3,347 sq ft, the monthly rent works out to around ₹ 74.69 per sq ft. The lease agreement was registered on September 17, 2026, which is also the lease commencement date, according to the property registration documents. The agreement provides for a nine-year tenure, with the rent subject to a 10% escalation every three years. Based on the starting monthly rent and the stipulated escalation, the total rental outgo over the full lease period is estimated at around ₹ 2.89 crore, excluding the rent-free period and other applicable charges. As part of the agreement, ICICI Bank has paid a security deposit of ₹ 10 lakh. The leased premises also come with four car parking spaces and 15 two-wheeler parking spaces, according to the registration documents. The agreement includes a total rent-free period of 105 days.
The lease also has a six-month lock-in period, during which the parties are subject to the terms specified in the registered agreement. Farena Corporate Park is located along Mundhawa Road in Hadapsar, an established commercial and residential corridor in eastern Pune. Hadapsar has emerged as one of Pune’s prominent mixed-use locations, supported by its proximity to major employment hubs, residential developments and connectivity to other parts of the city.
The story will be updated if a response is received. An email query was sent to ICICI Bank. Farida Pankaj Udhas could not be reached for comment. The transaction is among the largest office asset deals concluded by a bank.
In August 2026, the State Bank of India (SBI) acquired 8,581 sq m (around 92,000 sq ft) of leasehold land along with 1.83 lakh sq ft of built-up space spread across 15 floors at Pune’s Kharadi Knowledge Park for ₹ 414 crore, according to property registration documents accessed by CRE Matrix. The transaction gives SBI the leasehold rights to the land along with outright ownership of the 17,078.56 sq m (around 183,830 sq ft) building standing on the plot, according to the registration documents. The building comprises a basement, stilt and 15 floors. The property also includes 200 car parking spaces. The transaction was registered on August 14, 2026, and involves Siddhivinayak Enterprises as the assignor and SBI as the assignee.
