Panchshil Realty, one of Pune’s leading real estate developers, has acquired Capgemini Technology Services India’s Thane Knowledge Park for Rs 550 crore. The acquisition includes five office buildings spread across 15.38 acres in the Thane Creek Industrial Area, Dighe. The deal marks another significant step in Panchshil Realty’s strategy to strengthen its presence in Mumbai’s growing office market.
According to real estate data analytics firm CRE Matrix, the property has been assigned to Prime Lohegaon Infraspaces LLP, a subsidiary of Panchshil Realty. The company has paid a stamp duty of Rs 27.5 crore and a registration fee of Rs 30,000 for the transaction.
This purchase adds to Panchshil Realty’s existing office portfolio of 22.77 million square feet of developed space. Additionally, the company has an under-development portfolio of 32.1 million square feet, comprising eight tech parks, five mixed-use developments, and two special economic zone (SEZ) properties. Panchshil Realty also holds assets in data centres, residential projects, and hospitality, reflecting a diversified approach to real estate.
The acquisition comes at a time when Mumbai’s commercial real estate market is witnessing a substantial transformation. According to Knight Frank India, the Mumbai Metropolitan Region (MMR) had a total office stock of 169 million square feet as of the first half of 2025, making it India’s third-largest office market and accounting for 17 per cent of the country’s total office space.
The city’s commercial footprint has shifted significantly over the years. Traditional Central Business Districts (CBDs) like Nariman Point and Fort, once the hubs of corporate India, now contribute only 15 per cent to Mumbai’s office stock. Meanwhile, Secondary Business Districts (SBDs) such as Bandra-Kurla Complex (BKC), Andheri, Goregaon, and Powai have become the mainstay, comprising 58 per cent of office space. Peripheral Business Districts (PBDs), including Thane, Navi Mumbai, Airoli, and Belapur, hold 27 per cent of the market, reflecting the rising appeal of affordable and infrastructure-supported office locations.
By acquiring the Thane Knowledge Park, Panchshil Realty positions itself strategically within these emerging PBD corridors. Thane, in particular, has seen increasing demand from IT and technology firms looking for modern office facilities at competitive rates, combined with good connectivity and supportive infrastructure.
The transaction also reflects broader trends in India’s commercial real estate sector, where developers are consolidating and expanding their portfolios to cater to growing demand for flexible, well-located office spaces. Companies such as Panchshil Realty are capitalizing on opportunities in the peripheral districts of Mumbai, where land availability and cost efficiencies allow for scalable developments.
With this acquisition, Panchshil Realty not only strengthens its footprint in the MMR but also reinforces its position as a key player in India’s tech-driven office market. As Mumbai’s office ecosystem continues to evolve, strategic acquisitions like Thane Knowledge Park are likely to shape the city’s commercial landscape and provide long-term growth opportunities for developers and tenants alike.
