Tuesday, September 26, 2023
HomeReal EstateKohinoor Group acquires 32 acres of land in Pune 

Kohinoor Group acquires 32 acres of land in Pune 

The Kohinoor Group has purchased approximately 32 acres of land in Pune’s Wagholi suburb from the Goel Ganga Group. 

On the land parcel, the Kohinoor Group intends to build a residential-commercial office project. 

Anarock Group, a real estate firm, acted as the transaction’s advisor. According to local brokers’ estimations, the transaction’s value is between ₹180-₹195 crores. 

The land tract offers over four million square feet of development potential. On the residential front, the projected complex will primarily target middle-income homebuyers, with units priced between ₹55-₹80 lakhs.

“We are happy to have enabled this timely land transaction between two of Pune’s most prominent real estate players. Real estate development in Pune is on a sustained upswing, driven by the city’s resilient IT sector and increased demand for homeownership amid the new pandemic realities. Wagholi is a hotbed of residential and commercial real estate activity,” said Shobhit Agarwal, MD and CEO, capital markets-Anarock Group.

Vineet Goyal, joint managing director, Kohinoor Group, said, “Kohinoor Group Pune confirms purchase of 32 acres in Pune’s upcoming IT hub of new Kharadi (Wagholi) to develop a premium residential and IT office project along with a reputed school and lifestyle amenities. Wagholi is the perfect location for the project we will develop there, since it has an IT-driven clientele looking for superior offerings with state-of-the-art facilities and amenities.”

According to Anarock, land costs in the area range from ₹1800-₹2000 sq ft, and residential projects have been a mix of mid-size (200-500 units) and huge (over 500 units) over the years. 

Well-established developers are looking to buy new lots to construct a development pipeline in the short to medium term, and land deals have been picking up across the leading property markets. 

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