News Synopsis
Microsoft Corporation, a US-based software giant, plans to construct a large hyperscale data centre in Pune as part of its multi-city data centre strategy for India, according to two people with direct knowledge of the development.
The company's India arm has reportedly bought a 25-acre land tract in the city's Pimpri-Waghere neighbourhood through an arrangement with Finolex Industries to transfer the long-term lease for about Rs 329 crore and wants to create the data centre on this plot, according to a news agency.
The news agency reports that in June, Mastercard Technology leased more than 400,000 square feet of space in a business building in Pune for 20 years, with monthly rent beginning at Rs 4.12 crore. With the help of robust supply completions and healthy pre-commitments, net absorption for India's office space for the first nine months of 2022 (January-September 2022) increased to a three-year high of 30.3 million sq ft. Net absorption for the July–September quarter grew 11% Q-o-Q to 9.86 million square feet, according to JLL's Office Market Update–Q3, 2022. In Pune, gross lease activity increased from 2.3 million square feet in Q1-Q3, 2021, to 3.7 million square feet in Q1-Q3, 2022, according to the report.
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