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.