Prestige Group subsidiary buys 4.57-acre land parcel in Pune for Rs 200 crore

Prestige Exora Business Park, a subsidiary of the Prestige Group, paid around Rs 200 crore for the land parcel

Prestige Exora Business Parks, a subsidiary of Bengaluru-based developer Prestige Group, has purchased a 4.57-acre land parcel in Pune's tech hub of Kharadi for Rs 200.20 crore, documents accessed by real estate data analytics firm CRE Matrix show.

The documents identify the seller as BU Bhandari M&M Realtors LLP. The buyers paid a stamp duty of around Rs 14 crore for the transaction the agreement for which was registered on April 16.

Moneycontrol has sent queries to Prestige Group and the story will be updated when the company responds.

Kharadi is one of the two predominant technology hubs in Pune. The other being Hinjawadi in the city's western suburbs.

Over the past decade, a number of large Indian and global tech firms have set up facilities across prominent commercial properties in the area. In recent years, manufacturing and financial services firms, too, have established large global capability centres, or GCCs, in Kharadi.

The area is home to a special economic zone (SEZ), called the EON IT Park, owned by the Pune-based developer Panchshil group and entities affiliated to the private equity firm Blackstone.

Residential developers have also made a beeline for the area, with prominent local and national developers having built or in the process of building large group housing projects in the area.