Mumbai-based Dosti Realty has announced a foray into the Pune real estate market with plans for more than 1 million square feet of construction in the form of 2, 3 and 4 BHK apartments.
The company is eyeing a topline of Rs 1,100 crore with apartment sizes ranging from 475 sq ft to 1,395-plus sq ft.
The project named Dosti Greenspaces coming up in the Hadapsar area of Pune comprises approximately 5.42 lakh sq ft RERA carpet area followed by phase 2 including commercial development plus residential comprising about 5.08 lakh sq ft RERA carpet area.
The company expects a topline of Rs 550 crore from phase 1 and Rs 560 crore in phase 2. Dosti Realty has made an initial investment of about Rs. 155 crore towards the project, of which around Rs 70 crore is from internal accruals and Rs 85 crore as construction finance from ICICI Bank, said Deepak Goradia, Chairman and Managing Director, Dosti Realty.
Further, the company said that the project is selling at a rate of Rs 9,500-10,000 per square foot on the RERA carpet area, and is being undertaken as a joint-venture project between Dosti Realty and Indian Hume Pipe Co Ltd (IHP) on a revenue sharing basis. IHP is the owner of the land.
Goradia said, "We have enough work in Mumbai Metropolitan Region currently and are foraying into Pune real estate market with an aim of further expansion. After Mumbai and its surroundings, Pune is the first nearby option. For now, we have launched one project, and are in talks to commit to more projects."
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Well-connected project
The company in a statement said that the project is located close to a host of schools, colleges, hospitals, religious places, shopping malls, entertainment zones, commercial hubs, gardens, hotels and restaurants, etc. The project offers excellent connectivity with existing and upcoming infrastructure, making it a perfect investment opportunity for home-seekers and investors. One added advantage is the upcoming Pune Metro line three, which passes on Solapur Road at Hadapsar just outside Dosti Greenscapes.
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Hadapsar, near Magarpatta in Pune, is a locality well connected to other parts of Pune, with easy access to major highways such as the Mumbai-Pune Expressway and Pune-Solapur Highway. The Pune Airport and Swargate train station are just a short drive away, and there has been significant development over the past few years. Its proximity to commercial hubs such as Magarpatta City and SP Infocity has also made it a preferred destination for working professionals, the company statement added.
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