What are the approximate costs of office space in Pune?
The rates for fitted out office space vary from Rs 40 per sq. foot per month (psfpm) to Rs 75 psfpm. For fitted out office space landlords generally expect a 3-year lockin period as the office is furnished to the specifications of the tenant. Unfitted out office space is cheaper. However fit-outs typically cost approx. Rs 800 – Rs 1200 per sq. foot. Space is calculated, as Built up area and the usable space is approx. 25% less than what one pays for. A significant lease cost is the refundable security deposit, which is about 10 months rent and is only refunded when you vacate. Realtors charge both parties one-month rent for identifying and giving out space. (Exchange rate is approx. Rs 40 to $1).
