Godrej Properties expands Pune portfolio, buys 16-acre land parcel in Upper Kharadi

The company has stated an aim to expand its presence in the Pune market

Godrej Properties has purchased a 16-acre land parcel in eastern Pune's Upper Kharadi, where it plans to set up a 2.5 million square feet project with residential developments and high street retail. The revenue potential of the project is around Rs 3,100 crore, the real estate company said in a statement on June 17.

This is the company's second land acquisition in the Kharadi-Wagholi belt this month. The cumulative revenue potential from the two projects is estimated to be around Rs 7,300 crore, Godrej Properties said. The area is well connected and located near technology hubs such as Kharadi, Magarpatta, Hadapsar, and Viman Nagar.

Moneycontrol has reached out to Godrej Properties for comment on the new land deal, including details regarding the consideration, and the story will be updated once the responses are received.

"This marks our second land acquisition in the micro-market, reflecting both the area's growing demand and our commitment to expanding in high-potential urban clusters across India. We will aim to create a thoughtfully designed, future-ready development that delivers long-term value and enhances the quality of life for residents," said Gaurav Pandey, managing director and CEO of Godrej Properties.

The company has said its aim to expand in the Pune market and focus on the east of the city after establishing a presence in western markets such as Hinjawadi, Baner, and Pimpri-Chinchwad. Godrej Properties has completed and is building residential projects in eastern suburbs such as Koregaon Park, Manjri, and Keshavnagar, besides Kharadi-Wagholi.