Real-estate firm Gera Developments Pvt Ltd had closed a major land deal in Wagholi, Pune, sprawling 12.5 acres.
Its transaction arm and capital market advisory, ANAROCK Capital, said the land has a development potential of 2.5 million square feet (msf) and a total revenue potential of about Rs 2,000 crore.
With this acquisition, Gera Developments adds another 2.5 msf to its child- centric home portfolio.
"The land has been earmarked for the development of a themed residential project under Gera's highly successful Child Centric Homes banner. Wagholi works perfectly for such a concept development, with leading educational institutes such as Orchids International School, Poddar International School, and SNBP International School operating there," Mohammed Aslam, President, ANAROCK Capital, said.
However, the companies did not disclose the identity of the seller.
Located in East Pune, Wagholi has been witnessing considerable spill-over demand from major IT hubs like Kharadi, Hadapsar, Magarpatta City, Koregaon Park, and nearby industrial zones of Ranjangaon and Shikrapur.
Average housing prices in the area have appreciated by 18 percent since 2017 --- from Rs 6,100 per sq ft on the carpet area to Rs 7,200 per sq ft in 2022.
Today, child-centric housing projects -- specifically designed for child-friendliness, both in terms of safety and features which children find engaging and enriching -- are being developed across metro cities.
Gera Developments has tied up with celebrities such as Rohit Sharma, Mahesh Bhupathi, Pullela Gopichand, Bhaichung Bhutia, Shankar Mahadevan, and Shiamak Davar to set up learning academies right within their ChildCentric homes projects.
Last year, the company had expanded its footprint internationally with the completion of the construction of two mixed-use condominium projects in San Francisco, California, with an investment opportunity of Rs 1,150 crore.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
