Adar Poonawalla’s Rising Sun Holdings has made a significant commercial real estate acquisition in Pune. The entity has purchased a sprawling office space at Building B1 of Cerebrum IT Park in the upscale Kalyaninagar suburb for a total of ₹395 crore. According to documents accessed by PropStack, the deal was finalized through four separate transactions on September 11, 2024.
Transaction Details
The seller in this high-value transaction is Zavareh Soli Poonawalla, the brother of Cyrus Poonawalla, Adar Poonawalla’s father. The Poonawalla family has a long-standing legacy in business, with Zavareh being a member of the board at the Serum Institute of India (SII), one of the largest vaccine manufacturers globally, and part of the Poonawalla Group. This connection between the family entities played a role in the smooth completion of the sale. The total stamp duty paid for the transaction amounted to ₹27.65 crore.
The acquired property features a total carpet area of nearly 1.76 lakh square feet, with a built-up area of around 2.2 lakh square feet. Located in Kalyaninagar, a prime suburb that is predominantly residential, the area is also home to a number of offices, particularly those belonging to the technology and banking sectors.
Expansion of Poonawalla Group’s Real Estate Portfolio
In recent years, the Poonawalla Group has expanded its presence in the real estate sector, especially in its hometown of Pune. The group has been involved in multiple real estate ventures, including partnering with Panchshil Realty, a prominent Pune-based developer, to develop Business Bay in Yerwada, another prime locality in Pune. Adjacent to the Business Bay is a luxury hotel managed under the Ritz-Carlton brand, further adding to the group’s diversified portfolio.
Apart from his involvement in real estate, Adar Poonawalla is the CEO of the Serum Institute of India and the Chairman of Poonawalla Fincorp Ltd, a listed financial services company. The family continues to diversify its investments, with real estate being a key focus.
Pune: A Growing Real Estate Hub
Pune, often referred to as the Oxford of the East, has seen rapid commercial and residential real estate growth, especially in areas like Kalyaninagar, Yerwada, and Baner. With its proximity to Mumbai, strong IT sector presence, and a burgeoning financial services industry, Pune has become a sought-after destination for real estate investments.
The acquisition of the office space in Kalyaninagar by Rising Sun Holdings underlines the Poonawalla family’s confidence in Pune’s commercial real estate market. This investment is expected to further strengthen their foothold in the city, as they continue to grow their real estate portfolio.
