Real estate developer Godrej Properties has bought a 4-acre land parcel in Pune with a development potential of 7.5 lakh square feet (sq ft). Real estate services firm JLL facilitated the deal.
The development will include luxury residential and retail spaces and is located in Koregaon Park, JLL said in a statement.
"We are happy to acquire this land parcel in one of the most premium locations in Pune. This will be our first luxury development in the city, and we will aim to build an outstanding residential community that creates long-term value for its residents," Gaurav Pandey, MD & CEO of Godrej Properties said.
Sanjay Bajaj, Managing Director at JLL, Pune added that Koregaon Park is fast emerging as a top-notch office destination with prominent developers like RMZ Corp, Godrej, Amar Builders and more adding approx 4 million sq ft of supply over the next three years.
“Additionally, large captive campuses are also planned in the location, which would lead to job opportunities and demand for housing in the vicinity,” he said.
In February, Godrej Properties acquired Raj Kapoor’s Bungalow to develop a residential project in Chembur, Mumbai.
In May 2019, Godrej Properties acquired RK Studios in Chembur, Mumbai, from the Kapoor family, to develop a premium mixed-use project, Godrej RKS. The project is expected to be delivered in 2023.