Listed real estate developer Mahindra Lifespace Developers Ltd has announced acquiring 5.38 acres of land in the Wagholi area of Pune.
The land is estimated to have a development potential of over 1.5 million sq ft of saleable area, the company said in a statement on October 12.
“Wagholi is a high-potential micro market of Pune. It has a growing demand for high-quality residential spaces, ready to be absorbed. The proposed land parcel is located within a well-planned Kharadi-Wagholi micro-market, boasting of robust social amenities and civic infrastructure," said Amit Kumar Sinha, managing director and chief executive of Mahindra Lifespace Developers Ltd.
"This land acquisition reaffirms our commitment to Pune and is aligned to our strategy to further solidify our presence in the city's pivotal micro-markets.”
The site is strategically situated in the east Pune locality, surrounded by well-developed social infrastructure that includes top educational institutes such as Wellington College International, Euro School, and Poddar International school, the statement read.
This project is located near major commercial hubs, such as the World Trade Centre and EON Free Zone. Additionally, it also enjoys proximity to IT hubs in Viman Nagar, Magarpatta, and Hadapsar, the company added.
Developers on land buying spree
"The real estate demand is at its peak in Pune. Developers are in a land buying spree and due to scarcity of land in prime areas, adjoining areas like Wagholi are getting the traction. The governments' push for better infrastructure is encouraging developers to purchase land for their future launches," said Vidip Jatia, managing director of Supreme Holdings and Hospitality (India) Ltd, which develops properties under the brand Belmac in Pune.
Also read: Is the Pune real estate market going the Mumbai way?
In the past, listed player Kolte-Patil Developers Limited had on May 10 announced the launch of two residential development projects with a total estimated saleable area of 1.9 million square feet and a topline potential of Rs 1,300 crore in Pune. The projects are located in Wagholi (Nagar Road), and NIBM Road (Kondhwa) in Pune.
In January 2023, Gera Developments had signed 12.5-acre land deal in Pune with a revenue potential of Rs 2,000 crore. The project is located in Wagholi sees considerable spill-over demand from major IT hubs like Kharadi, Hadapsar, Magarpatta City, Koregaon Park, and nearby industrial zones of Ranjangaon and Shikrapur.
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.
