Institutional fund buys a majority stake in a Kharadi office tower for close to Rs 1,000 crore

Prime Offices Fund (PRIME) acquired a 51% majority stake in TenSteps, a 1.1 million sq ft, LEED Platinum-precertified Grade A+ office building in Kharadi, from Singapore’s Keppel, which retains 49%. Keppel’s original 2023 forward-purchase for the building had been valued close to Rs 1,000 crore, and the deal marked PRIME’s entry into Pune as its third Indian city.

Unlike a tenant lease, this is institutional money buying the building itself – arguably a stronger vote of confidence in Pune’s commercial office market than any single occupier deal.

For buyers, deep institutional interest in Kharadi’s offices reinforces the corridor’s long-term commercial standing, which underpins nearby residential and rental demand. It is a market-health signal rather than a direct residential price cue.

Sources: Business Standard (Mar 3, 2026)