Posted on

Merlin Group Acquires 3.3-acre land near Pune’s Koregaon Park for Rs 273 crore

Merlin Group Acquires 3.3-acre land near Pune’s Koregaon Park for Rs 273 crore

Merlin Group has acquired a 3.26-acre land parcel in Mundhwa, near Koregaon Park in Pune, for ₹273 crore. The deal strengthens the developer’s presence in western India and signals its growing focus on commercial real estate in high-demand micro-markets.

The transaction was registered on February 20. The buyer paid a stamp duty of ₹19.11 crore, according to documents accessed via CRE Matrix.

Office-Led Commercial Project with ₹1,000 Crore Investment

Merlin Prime Spaces, a subsidiary of the Kolkata-based developer, will develop an office-led commercial project on the site. The company plans to invest over ₹1,000 crore in total, including the land cost. Out of this, nearly ₹800 crore will go toward construction, development, and associated project expenses. The project is expected to have a commercial value of around ₹3,000 crore upon completion, owing to strong tenant demand and the prominence of the location

While exact designs are still being worked out, Merlin Group has stated that the site would be used to build a large-format commercial project. According to industry opinion and market sources, the development is intended to address:

  • Office occupiers
  • BFSI businesses (Banking, Financial Services, and Insurance)
  • Global Capability Centers (GCC)

With this focus, the project is projected to capitalize on Pune’s growing office leasing demand and appeal to corporations seeking superior workspace options.

Strengthening Presence in Pune

Merlin Group entered Pune in 2021 and has steadily expanded its footprint in the city. The company is currently developing three projects across segments.

These include one commercial project, one mixed-use development, and one premium residential project. Together, they account for nearly 1 million sq ft of development.

The developer also plans to launch another commercial project in Baner. At the same time, it is evaluating opportunities in Navi Mumbai to strengthen its western India portfolio.

Why Mundhwa–Koregaon Park Is Attracting Developers

The Joregaon–Mundhwa belt has seen rising developer interest in recent years. Its proximity to established employment hubs such as Kharadi, Magarpatta, and Hadapsar continues to drive both commercial and residential demand.

Improved connectivity and expanding social infrastructure have further enhanced the micro-market’s appeal. Organised developers are actively acquiring land here to replenish their pipelines.

Large-scale transactions in this corridor often signal upcoming commercial or mixed-use projects. Steady land deals in Pune reflect sustained developer confidence in the city’s long-term growth trajectory.

Recent Land Transactions in Pune

Recent land transactions in Pune reflect steady developer confidence across key micro-markets. Acquisitions in established and emerging corridors signal plans for residential, commercial, and mixed-use projects. Strong end-user demand, improving infrastructure, and employment growth continue to drive strategic land buying activity in the city.

In a recent transaction, Pristine Landmark Spaces LLP signed a deal to acquire a large 4.2-acre land parcel in Vadgaon Sheri for ₹250 crore.

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

Media Mentions

Posted on

Pristine Landmark Acquires Strategic Land Parcel in Pune’s Vadgaon Sheri

Pristine Landmark Acquires Strategic Land Parcel in Pune’s Vadgaon Sheri

Pune’s land market is heating up once again, with developers stepping up land acquisitions in high-growth micro-markets. According to documents accessed by CRE Matrix, Pristine Landmark Spaces LLP has signed a deal to acquire a large 4.2-acre land parcel in Vadgaon Sheri for ₹250 crore. The transaction reflects growing developer confidence in locations backed by office demand, infrastructure connectivity, and steady residential absorption.

Key Deal Highlights

Pristine Landmark Spaces LLP has signed an agreement to acquire a 4.2-acre land parcel in Pune’s Vadgaon Sheri for ₹250 crore. The agreement was registered on February 4, with stamp duty of ₹17.5 crore paid on the transaction. Kumar City Co-operative Housing Society Ltd. is the seller in the deal.

Strategic Impact of the Acquisition

The land acquisition strengthens Pristine Landmark’s presence in Pune. It supports long-term development plans in the city. Vadgaon Sheri offers access to major employment hubs. The location also provides proximity to the airport and key business districts. Such areas continue to attract developer interest. The deal reflects a focused and future-ready growth strategy.

Why Vadgaon Sheri Remains a Key Micro Market

Vadgaon Sheri has evolved into a well-established residential zone in East Pune. It benefits from direct access to Nagar Road and nearby commercial districts. The area is close to major IT and business hubs. Social infrastructure has also improved over time. Schools, healthcare, and retail options are easily accessible. These factors continue to support steady residential demand. Developers see long-term value in this micro market.

Pune Real Estate Market Outlook

Pune continues to stand out as a stable and high-performing real estate market. Demand remains driven by strong employment growth. The city has a deep base of IT and manufacturing companies. Infrastructure upgrades are improving connectivity across key corridors. Homebuyers continue to show long-term confidence. Developers are actively securing land in prime locations. These trends point toward sustained and balanced growth for the city.

Recent Transactions

Recent land deals in Pune point to a clear shift in developer strategy. With demand holding firm and supply staying disciplined, builders are actively securing large parcels across key growth corridors, signalling confidence in the city’s long-term residential and mixed-use development prospects.

In a recent transaction, Mumbai-based real estate major K Raheja Corp, through its subsidiary KRC Queens Pvt Ltd, purchased a 7.43-acre land parcel in Mahalunge near Pune’s thriving Hinjewadi IT hub.

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

Media Mentions

Posted on

Pune Emerges as India’s Strongest Housing Market in 2025

Pune Emerges as India’s Strongest Housing Market in 2025

Pune has once again proven why it remains one of India’s most resilient and dynamic residential real estate markets. According to the Pune Housing Report – January 2026 by CRE Matrix in collaboration with CREDAI Pune, the city recorded the highest housing unit sales among all Indian metros in CY 2025, reinforcing its position as the country’s most balanced housing market.

Record-Breaking Sales Volumes

In CY 2025, Pune witnessed the sale of approximately 81,000 residential units, the highest among major metros, including Mumbai, Bengaluru, Hyderabad, and Delhi-NCR. What makes this achievement even more notable is that Pune is a non-capital city, yet it continues to outperform larger and more expensive markets.

This sustained demand highlights Pune’s strong end-user base, driven by steady job creation, educational institutions, and a high quality of life.

Market Value Shows Long-Term Strength

While volume growth has remained stable, the value of homes sold in Pune reached ₹63,000 crore in CY 2025, reflecting the city’s long-term structural growth. Over the last four years, the total value of residential transactions has increased by nearly 70%, growing at a CAGR of 14%.

This trend points to rising purchasing power and a gradual shift toward larger and better-quality homes.

Pune: The Most Affordable High-Performing Metro

Despite recording the highest unit sales in the country, Pune remains one of the most affordable metro housing markets. In CY 2025, the average ticket size of homes sold stood at ₹78 lakh—significantly lower than Hyderabad (₹1.98 Cr), Bengaluru (₹1.71 Cr), Mumbai (₹2.24 Cr), and Delhi-NCR (₹3.68 Cr).

This strong balance between affordability and transaction scale continues to be Pune’s key competitive edge. Notably, the average unit value has risen to ₹78 lakh in CY’25, reflecting a robust 44% growth since CY’21.

Premium Housing on the Rise

One of the most defining trends of the Pune housing market is the rapid growth of premium and luxury segments.

  • Homes priced ₹1–2 crore saw nearly 300% growth in units sold since CY 2021
  • Homes priced above ₹2 crore recorded a 250% increase in sales during the same period

This shift is particularly visible in Central, North West, and North East Pune, signalling a clear transition toward premium urban living.

Micro-Market Insights

Different regions of Pune have shown distinct growth patterns:

  • Central Pune continues to attract premium buyers, with strong growth in ₹1 Cr+ segments
  • North and North West Pune remain volume drivers while rapidly upgrading to higher ticket sizes
  • North East Pune recorded the highest growth in average home values, driven by areas like Kharadi, Viman Nagar, and Wagholi
  • South and South East Pune continue to offer affordability, appealing to first-time homebuyers and upgraders

Supply Challenges, Demand Resilience

While housing demand has remained robust, the market has faced challenges due to delays in project approvals, leading to a decline in new launches. Despite this, sales momentum has held firm—underscoring the deep-rooted confidence buyers have in Pune’s real estate market.

With timely policy interventions and smoother approval processes, Pune’s residential sector is well-positioned to scale new highs. The city’s ability to offer livability, affordability, and economic opportunity places it in a league of its own among Indian metros.

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

Media Mentions

Posted on

Rakesh Roshan Sells 1.09-Hectare Land Parcel in Pune for ₹15 Crore

Rakesh Roshan Sells 1.09-Hectare Land Parcel in Pune for ₹15 Crore

Veteran filmmaker and Bollywood actor Rakesh Roshan has sold a 1.09-hectare land parcel in Pune district for ₹15 crore, according to property registration documents accessed by CRE Matrix.

Transaction Details

The Deed of Conveyance between Rakesh Roshan and CP Lands LLP was officially registered on December 26, 2025. As per the documents, a stamp duty of ₹1.05 crore was paid.

The land parcel is located in Lohegaon village, under Haveli taluka, Pune district. This area has been witnessing growing interest due to its proximity to key residential and commercial zones.

Lohegaon: An Emerging Micro-Market

Lohegaon has steadily gained traction as a developing real estate micro-market in Pune. This is supported by improved connectivity, infrastructure upgrades, and spillover demand from core city areas. The region’s strategic location near employment hubs and upcoming infrastructure projects has made it attractive for land aggregation and future development.

High-Value Land Transactions Signal Market Confidence

Large land deals such as this reflect sustained investor confidence in Pune’s real estate market, particularly in peripheral and growth corridors. Institutional buyers and LLPs continue to actively acquire land parcels, anticipating long-term appreciation and development potential.

Roshan Family Property Transactions 

The Roshan family’s real estate transactions reflect strategic asset management across key Indian markets. From land parcels to high-value properties, these deals highlight sustained confidence in long-term real estate value and evolving investment preferences.

In a recent transaction, Rakesh Roshan and Pramila Rakesh Roshan leased a commercial property in Mumbai to Fabindia Limited for a monthly rent of ₹14.5 lakh.

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

Media Mentions

Posted on

IKEA Expands Pune Footprint with New City Store at Phoenix Marketcity

Ikea Expands in Pune

Global furniture giant IKEA’s India arm has taken a strategic step in expanding its footprint in the city of Pune by leasing approximately 37,259 sq ft of retail space in the prominent mall Phoenix Marketcity Pune. The lease, signed for a span of four years and eleven months, commenced on 25 September 2025 and is slated to run until 24 August 2030, according to documents accessed by CRE Matrix.

Positioned on the ground floor of the mall in Viman Nagar Road, Lohegaon, this site will become a “city store” for IKEA India, signalling a move to deepen its omnichannel presence in the Pune market—beyond just online and major destination stores. The monthly starting rent set by IKEA is ₹38.12 lakh, the total agreement value at ₹3.06 crore, and the initial security deposit paid at ₹1.15 crore (from a required ₹2.3 crore), highlighting the seriousness of the commitment. 

According to IKEA India, Pune has long been a key market where strong customer demand has been evident—many of its shoppers have historically travelled to the Navi Mumbai store for inspiration and full-range home furnishing. The launch of online e-commerce services in Pune in January 2020 made it the second Indian city after Mumbai to access IKEA’s full range digitally—over 6,500 well-designed, affordable home furnishing products are now accessible online to local shoppers.

By choosing a city-store format in a high-traffic mall, IKEA appears to be bridging the gap between its digital channel strength and the classic store experience, thereby tapping into both convenience-oriented consumers and the traditional retail-experience seekers. In a city known for its expanding residential base, improved infrastructure, and rising urban lifestyle demands, this move aligns well with the growing appetite for modern home solutions among Pune’s middle- and upper-income segments.

IKEA India’s new lease in Pune is a clear signal of the brand’s intent to combine physical retail, digital access, and local market penetration—all aimed at delivering a richer “home furnishing” experience to a city that is increasingly important in its growth map.

Earlier in September 2025, IKEA signed a nine-year lease with Pacific Development Corporation for 14,471 sq. ft. at Pacific Mall, West Delhi, with a security deposit of ₹4.25 crore.

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

Media Mentions

Posted on

Eaton Technologies Leases 1.5 Lakh Sq Ft Office Space in Pune’s Baner from K Raheja Corp Subsidiary

Eaton Technologies Leases 1.5 Lakh Sq Ft Office Space

Eaton Technologies India has made a significant office space commitment in Pune, leasing 150,000 sq ft at Aditya Shagun Infinity IT Park in Baner for a 10-year term. According to property registration documents accessed by CRE Matrix, the deal carries a potential rental outflow exceeding ₹250 crore over the lease period.

The leased space, spread across three floors, has been taken from Asterope Properties Pvt Ltd—part of K Raheja Corp—at a starting monthly rent of ₹1.65 crore (₹110 per sq ft) with an annual escalation of 4.5%. The agreement includes a five-year lock-in period, a security deposit of ₹9.9 crore, and parking for 150 four-wheelers and 150 two-wheelers. Eaton also holds the option to lease an additional 47,000 sq ft within the same complex.

The lease commences on July 15, 2025, with occupancy phased across three timelines—July 15, December 1, and January 15, 2026. Fit-out rent is set at ₹2,400 per sq ft per month, while common area maintenance (CAM) charges are fixed at ₹14.75 per sq ft per month.

Eaton Technologies, the Indian arm of the US-based intelligent power management company Eaton Corporation, plans to establish its Global Capability Center (GCC) at this location. This move underscores India’s growing role as a GCC hub, driven by strong talent availability, competitive operating costs, and modern infrastructure.

The deal is part of a rising trend of large, pre-committed office leases in Pune, especially in the western corridor covering Baner, Balewadi, and Hinjewadi. Over the past 18 months, this region has attracted major commitments from multinational corporations across technology, engineering, and financial services sectors.

With its strategic location and high-grade infrastructure, Baner continues to position itself as a preferred destination for companies looking to set up large-scale operations in India.

Recent Transactions

Pune’s commercial real estate market has seen a surge in activity recently, with major corporates securing premium office spaces across key business districts. This reflects strong demand driven by IT, engineering, and global capability centres expanding operations in the city.

In a similar transaction earlier this year, Citigroup Inc. secured over 7.7 lakh sq ft of office space through a long-term lease in Pune’s Kharadi. In another transaction, Awfis Space Solutions leased 1.97 lakh sq ft of office space in the same locality of Pune.

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

Media Mentions

Posted on

K Raheja Corp Subsidiary Acquires 7.43 Acres in Mahalunge, Pune for ₹195 Crore

K Raheja Corp Subsidiary Acquires 7.43 Acres in Mahalunge, Pune for ₹195 Crore

In a major land acquisition move, Mumbai-based real estate major K Raheja Corp, through its subsidiary KRC Queens Pvt Ltd, has purchased a 7.43-acre land parcel in Mahalunge near Pune’s thriving Hinjewadi IT hub. According to property registration data accessed by CRE Matrix, the transaction was valued at ₹195 crore and was officially registered on July 21, 2025.

The land has been acquired from Pune-based Mahalunge Real Estate Developers Pvt Ltd and is reportedly earmarked for a large-scale township development. With growing interest in integrated township models in Pune’s rapidly expanding western corridor, this acquisition signals K Raheja Corp’s continued focus on high-potential micro-markets.

The deal also involved a stamp duty payment of ₹13.67 crore, reflecting the premium nature of the parcel and the location’s rising importance as a real estate hotspot.

Mahalunge, located adjacent to Hinjewadi and Baner, is part of the Pune Metropolitan Region Development Authority’s (PMRDA) smart city development initiatives. With a blend of connectivity, infrastructure upgrades, and residential demand, the area has emerged as a magnet for large-scale real estate investments.

K Raheja Corp’s entry reinforces the trend of top-tier developers staking claim in Mahalunge’s future. With this acquisition, the company is poised to contribute to the next phase of Pune’s urban transformation.

Pune’s real estate landscape is witnessing momentum, with several notable land deals shaping its growth trajectory. In a similar transaction, in November 2024, The Lodha Group purchased a 2.82-acre land plot in Pune’s Hinjewadi for approximately Rs 111 crore. 

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

Media Mentions

Posted on

Citigroup Leases 7.7-lakh-sq-ft Office in Pune’s Kharadi

Citigroup Leases 7.7-lakh-sq-ft Office in Pune’s Kharadi

Citigroup Inc. has finalized one of the largest commercial office space transactions of the year. The financial services giant has secured over 7.7 lakh sq ft of office space through a long-term lease in Pune’s Kharadi locality. According to records obtained by CRE Matrix, the company has leased 10 floors at Panchshil Business Hub for an estimated Rs 1,100 crore. 

The lease, which starts on April 1, covers the commercial tower’s 7th through 16th floors. Depending on the level, the starting monthly rentals range from Rs 2.02 crore to Rs 2.71 crore. The contract specifies a lock-in duration of 4-5 years for various floors. It also mentions a 15% rental escalation clause every 36 months.

The leased space has been secured through Citigroup’s subsidiary, Citicorp Services India. They primarily provide back-office, technology, and operational support services for the global operations of Citigroup. 

Of the total space, 3.07 lakh sq ft is located on the 13th to 16th floors, and 2.34 lakh sq ft is spread across the 10th to 12th floors. The remaining 2.29 lakh sq ft is on the 7th to 9th floors. The total deal value includes rental payments along with common area maintenance (CAM) charges. The charges are subject to an annual escalation of 5% and will amount to nearly Rs 197 crore over the lease term.  

As part of the agreement, Citigroup will also receive exclusive access to 770 car parking slots and 1,185 two-wheeler parking spaces. In addition to these designated parking spots, the company has the option to secure additional parking at rates of Rs 6,000 per car and Rs 2,600 per two-wheeler. Citigroup has paid a security deposit of Rs 20.36 crore.  The registration of the deal took place on March 12.  

Citicorp Services India, while distinct from Citibank India, plays a crucial role in Citigroup’s operations. They handle key functions such as risk management, compliance, information technology services, analytics, and financial operations. The company’s decision to secure such a vast office space highlights its commitment to expanding its presence in India. This move further reinforces Pune’s position as a hub for global capability centers (GCCs).  

Recent Transactions

The transaction highlights the resilience of India’s commercial real estate market. Leasing activity has reached record levels for the third consecutive year, driven by strong demand from global corporations. Despite economic uncertainties, multinational corporations continue to drive demand for office spaces, particularly for setting up GCCs. The Indian government has also been instrumental in fostering this growth by introducing incentives for such centers. This has further solidified the country’s appeal as a preferred destination for global businesses. 

In a recent transaction, co-working giant Awfis Space Solutions leased 1.97 Lakh Sq Ft of office space in Pune’s Kharadi. In another transaction, US-based CA Technologies Private Limited renewed its lease for a 1.08 lakh sq ft commercial space in the same area. 

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

Media Mentions

Posted on

Mahindra Logistics Secures Long-Term Lease for 500,000 Sq Ft Warehousing Facility in Pune

Mahindra Logistics Secures Long-Term Lease for 500,000 Sq Ft Warehousing Facility in Pune

Mahindra Logistics, a prominent supplier of third-party logistics (3PL) solutions and part of the Mahindra Group has secured a long-term lease for 500,000 square feet of space in the Khed neighborhood of Pune according to documents accessed through CRE Matrix. With a total warehouse portfolio of more than 22 million square feet, the company has solidified its place as a significant player in India’s rapidly expanding logistics sector.

The warehouse, which is situated in Karanje Emerald Industrial Park, is leased for ₹1.15 crore a month for five years. A 5% annual rental escalation is included in the agreement after the first two years. To secure the lease, Mahindra Logistics registered the agreement on January 20 and gave a security deposit equal to three months’ rent. Although rental payments will begin on April 3, the license period formally began on January 3.

As per the agreement, the lease rentals are exclusive of Goods & Services Tax (GST), which will be borne by the tenant. However, the rentals do cover common area maintenance charges, with any additional utility or service costs falling under the tenant’s responsibility.

Mahindra Logistics has a strong presence in several important Indian marketplaces. This recent lease demonstrates the company’s dedication to expanding operations in response to rising demand. The company has stated that it currently manages over 22.1 million sq ft and continues to explore and assess new growth opportunities. Delivering outstanding value to stakeholders and customers, fostering innovation, and securing its position as a pioneer in integrated logistics solutions continue to be its top priorities.

A rise in e-commerce, changes in supply chain tactics, and the demand for effective distribution networks have all contributed to the notable expansion of India’s storage sector. 3PL businesses like Mahindra Logistics are growing to serve sectors like consumer products, retail, automobiles, and pharmaceuticals. The industry’s quick development is further facilitated by the move toward structured storage and the use of technology-driven solutions.

Recent Transactions

As businesses place more emphasis on well-located warehouses, Mahindra Logistics’ growth in Pune reflects the sector’s increasing significance in optimizing supply chains and facilitating a range of commercial activities. 

In a similar transaction last year, Indian multinational tyre manufacturing company, MRF leased 3.85 lakh sq ft of large warehousing space in the village Sudvadi, Mawal area of Pune district.

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

Media Mention

Posted on

Awfis Space Solutions Secures 1.97 Lakh Sq Ft Office Space in Pune’s Kharadi

Awfis Space Solutions Secures 1.97 Lakh Sq Ft Office Space in Pune's Kharadi

Co-working giant Awfis Space Solutions expands its footprint with a 197,000 Sq Ft lease in Pune’s thriving Kharadi over a five-year lease, according to documents accessed by CRE Matrix. 

For the initial three-month fit-out period commencing on January 1st, the company will pay a monthly rental of Rs 18 per square foot. After the initial three months, lease rentals will be structured based on a profit-sharing model with a minimum guarantee, as outlined in the agreement between the company and the developer. 

This transaction, registered on December 30th, involved a security deposit payment of Rs 8.87 crore from Awfis Space Solutions. The leased office space occupies all 17 floors of the commercial tower. The agreement includes a monthly common area maintenance charge of Rs 4 per square foot of carpet area.

Startups and small businesses are leaving behind traditional office setups and embracing the freedom of flexible workspaces. With hybrid work becoming the norm, who needs a massive office gathering most of the time? Coworking spaces and managed offices offer the perfect solution. This flexibility is a game-changer, especially in dynamic cities like Bengaluru, Mumbai, and Delhi-NCR. The market is exploding with options, from sleek, modern offices to cozy, creative workspaces.

Recent Office Transactions in Pune

Pune’s manufacturing and IT sectors are driving the city’s office market. Areas like Magarpatta City, Kharadi, and Hinjewadi are popular spots for businesses, with lots of modern office buildings popping up. You can find everything from big corporate towers to smaller, more flexible spaces, so there’s something for every company.

In a recent transaction, CA India Technologies Pvt. Ltd. Extended its Office Lease in Pune’s IT Hub with Annual Rent Exceeding ₹12 Crore. 

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

Media Mentions