Realty firm Kohinoor group has acquired 32 acre land parcel in Pune from Goel Ganga group to develop a mixed use project.
Property consultant Anarock said it facilitated the deal between the two parties. The deal for 32 acres of prime land at Wagholi has been concluded.
Anarock did not disclose the deal value.
The land parcel has an overall development potential of about 4 million square feet. The project will mainly cater to mid-segment home buyers, with units priced in budget range of Rs 55-80 lakh.
Shobhit Agarwal, MD & CEO, Anarock Capital, said the company has enabled the 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,” he added.
Vineet Goyal, Joint MD, Kohinoor Group, said, the company will develop a premium residential and IT office project along with a reputed school and lifestyle amenities.
Mohammed Aslam, President- Capital Markets (Pune), Anarock, said: “Wagholi is a veritable housing demand magnet, with approximately 29,400 units launched here since 2013 till date.” Land prices at this location range between Rs 1,800-2,000 per square feet and residential projects have been a blend of mid-size (200-500 units) and large projects (over 500 units) over the years.
Pune is one of the leading real estate markets in the country.
Apart from local builders, the city has presence of many large developers from other parts of the country like Macrotech Developers (Lodha group), Godrej Properties, Shapoorji Pallonji Real Estate, Kalpataru group, Mahindra Lifespace Developers Ltd, Sobha, Prestige and Puravankara Ltd among others.