Bagmane REIT has 60% of 1 million sq ft offices pre-leased

Bagmane REIT has pre-leased 60% of its 1.0 million square feet (msf) office development pipeline, with Cosmos-Ceres expected in Q3 FY27 and Cosmos-Aurora in Q4 FY27. Ceres was 54% pre-leased and Aurora 63% pre-leased, while their combined balance cost was Rs 230 crore as of September 30, 2026.

What is Bagmane REIT’s current office development pipeline?

Bagmane REIT has 1.0 msf under development, 2.0 msf of future development and 0.6 msf pre-leased within its office development pipeline. The presentation attributes the 60% pre-leased area to demand in SBD City and identifies Cosmos-Ceres and Cosmos-Aurora as the projects under development.

The disclosed 0.6 msf pre-leased area equals 60% of the 1.0 msf under-development pipeline, leaving 0.4 msf not pre-leased on the reported arithmetic. The 2.0 msf future-development pipeline is separate from the current construction pipeline, and the presentation gives no pre-leasing percentage for that future area.

Cosmos-Ceres was 54% pre-leased, while Cosmos-Aurora was 63% pre-leased, a difference of 9 percentage points. The presentation does not disclose tenant names, lease terms, rentals or the individual leasable area of either project, so it does not explain the difference in their pre-leasing levels.

When will Bagmane REIT’s Cosmos projects be completed?

Bagmane REIT expects Cosmos-Ceres to be completed in Q3 FY27 and Cosmos-Aurora in Q4 FY27. Ceres is therefore scheduled one quarter before Aurora, with both projects due to add office space in FY27.

Finishing work was underway at Cosmos-Ceres, where 46% of the space was not pre-leased based on the reported 54% pre-leasing rate. Bagmane REIT gives no construction-completion percentage, revised completion date or timetable for leasing the remaining Ceres space.

Façade work had commenced on Aurora’s lower floors, and the project was 63% pre-leased ahead of its expected Q4 FY27 completion. The remaining 37% of Aurora was not pre-leased, compared with 46% at Ceres, although the presentation does not state whether construction stage, tenant mix or other factors account for the difference.

What remaining cost does Bagmane REIT report for Ceres and Aurora?

Bagmane REIT reported Rs 90 crore of balance cost for Cosmos-Ceres and Rs 140 crore for Cosmos-Aurora as of September 30, 2026. The combined balance cost was Rs 230 crore, with Aurora’s remaining cost Rs 50 crore higher than Ceres’s.

These figures are costs yet to be incurred rather than total development budgets or spending to date. Bagmane REIT also disclosed Rs 80 crore of pending cost for recently completed developments, which is separate from the Rs 230 crore balance cost reported for Ceres and Aurora.

Bagmane REIT also has a 72.5-megawatt direct-current solar project at Chitradurga, with Rs 70 crore of balance cost and estimated completion by Q3 FY27. Its hospitality development has 607 keys and Rs 820 crore of balance cost, with all three basements completed, the Lower Ground Floor in progress and estimated completion by FY29.

How does Bagmane REIT’s development pipeline compare with its operating portfolio?

Bagmane REIT reported 99% committed occupancy in September 2026, compared with 88% for the Bengaluru market, a 1,080-basis-point gap. Portfolio occupancy was also 99% in December 2025, after 96% in March 2025, while the development pipeline’s 60% pre-leasing rate covers office space still under construction.

Bagmane REIT’s in-place rent index reached 137 in September 2026 from a March 2021 base of 100, compared with 128 for the Bengaluru market. The presentation reports a 5.9% compound annual growth rate for portfolio rents against 4.6% for the market, and labels the difference as 133 basis points.

Gross leasing averaged 2.1 msf from FY23 through H1 FY27, with 91% leased to existing tenants. In H1 FY27, gross leasing was 1.4 msf, comprising 0.6 msf of new area and 0.8 msf of existing area; the presentation does not link this leasing directly to future absorption at Ceres or Aurora.

Bagmane REIT reported that 26% of gross contracted rentals expire through FY30, alongside an average future mark-to-market, or MTM, of 18%. Expiry area is 0.7 msf in H2 FY27, 1.0 msf in FY28, 0.8 msf in FY29 and 1.4 msf in FY30, while disclosed MTM figures range from 10% in H2 FY27 to 27% in FY28.

Conclusion

Bagmane REIT’s FY27 office development programme combines 1.0 msf under construction with 0.6 msf already pre-leased, split between 54% at Cosmos-Ceres and 63% at Cosmos-Aurora. The pipeline is being delivered alongside 99% committed occupancy in the operating portfolio at September 2026 and a portfolio rent index of 137, versus 128 for the Bengaluru market.

The next disclosed milestones are Ceres’s expected Q3 FY27 completion, Aurora’s expected Q4 FY27 completion and commissioning of the Chitradurga solar project by Q3 FY27. Progress on the Rs 230 crore balance cost for the two office projects, leasing of the remaining 0.4 msf, and the hospitality project’s estimated FY29 completion remain the disclosed items to watch.