K Raheja Corp buys 7.4 acre land parcel for Rs 195 crore to develop residential project in Pune

K Raheja Corp has been expanding in Pune as one of its key focus markets, besides Mumbai.

Real estate developers K Raheja Corp has purchased a 7.43 acre land parcel in Pune's Mahalunge area, near the western suburb of Hinjewadi, for around Rs 195 crore, according to registration documents accessed by CRE Matrix. The land parcel is part of a large integrated township in the Mahalunge-Maan region, and is earmarked for residential development.

The firm, which completed the transaction on July 21, bought the land through its subsidiary KRC Queens. The seller was Mahalunge Real Estate Developers, a consortium of developers in the city.

Besides the value of the land, the company also paid a stamp duty of more than Rs 13 crore for the transaction. The development potential of the land parcel, according to existing development rules, is around 1.7 million square feet on a built-up area basis, according to property consultants.

Moneycontrol has written to K Raheja Corp for comment on the matter, and the story will be updated if a response in received.

K Raheja Corp has multiple large residential and office projects in the city, and has also been expanding in Pune as one of its key focus markets, besides Mumbai. In Pune, the company has developed premium and luxury residential projects in areas such as NIBM Road, as well as in parts of western Pune.

In Mumbai, the company has stepped up its business development efforts, buying a land parcel at Kandivali in the western suburbs, and securing a major redevelopment deal at the plush Malabar Hill neighbourhood.