{"id":864,"date":"2024-09-04T14:54:38","date_gmt":"2024-09-04T09:24:38","guid":{"rendered":"https:\/\/www.crematrix.com\/blog\/?p=864"},"modified":"2026-04-21T09:55:33","modified_gmt":"2026-04-21T04:25:33","slug":"prestige-groups-subsidiary-acquires-4-57-acre-land-in-pune-for-%e2%82%b9-200-crore","status":"publish","type":"post","link":"https:\/\/www.crematrix.com\/blog\/prestige-groups-subsidiary-acquires-4-57-acre-land-in-pune-for-%e2%82%b9-200-crore\/","title":{"rendered":"Prestige Group’s Subsidiary Acquires 4.57-Acre Land in Pune for \u20b9 200 Crore"},"content":{"rendered":"\n

Prestige Exora Business Parks, a subsidiary of Bengaluru-based Prestige Estates, has acquired a 4.57-acre land parcel in Pune’s tech hub of Kharadi for \u20b9200 crore, according to property registration documents accessed by CRE Matrix<\/a>. Pune-based BU Bhandari M&M Realtors LLP sold the 4.57-acre land parcel to Prestige Exora Business Parks on April 16, 2024. The stamp duty paid for the land transaction was over \u20b914 crore. The purchaser paid \u20b9198 crore to the seller using a demand draft on April 20, 2024.<\/p>\n\n\n\n

The tax deducted at source (TDS) for the deal was over \u20b92 crore, bringing the total land purchase cost to over \u20b9200 crore, which further highlights the substantial value of the acquired land parcel and the growing demand for commercial real estate in Pune.<\/p>\n\n\n\n

Kharadi, along with Hinjawadi, has become a major tech center in Pune. Many big Indian and foreign tech companies have opened offices in Kharadi\u2019s commercial buildings over the past ten years. Recently, even manufacturing and financial companies have started setting up their global centers there. Kharadi is home to the EON IT Park, a special economic zone owned by Panchshil and Blackstone.<\/p>\n\n\n\n

Furthermore, Prestige Group plans to launch its first residential project in Pune signifying the company’s strategic expansion into the region. The projected revenue potential of \u20b9750 crore to \u20b91,000 crore indicates the significant market potential for residential real estate in Pune. This move aligns with the growing demand for quality housing in the city. Prestige Group has announced plans to develop 43 new projects totaling 92 million square feet across various segments in seven cities: Hyderabad, Delhi-NCR, Goa, Bengaluru, Mumbai, Chennai, and Kochi.<\/p>\n\n\n\n

This significant land deal highlights the growing demand for commercial real estate in Pune and reinforces Prestige Group’s position as a leading player in the Indian real estate market. With the company’s plans to launch its first residential project in the city, Pune can expect to see further development and growth in the coming years.<\/p>\n\n\n\n

Recent Land Transactions<\/strong><\/p>\n\n\n\n

The Pune real estate market continues to witness a surge in land deals, driven by factors such as economic growth, urbanization, and increasing demand for commercial properties. As Pune\u2019s economy expands, we can expect to see more such large-scale land transactions in the future.<\/p>\n\n\n\n

In a recent transaction, Tata AutoComp Systems sold more than 13 acres<\/a> in Pune. In another major land deal, Adani\u2019s Terravista Developers acquired leasehold rights of 25 acres<\/a> from Finolex for Rs 470 crore in Pune.

Elevate your decisions in real estate as a developer or broker with CRE Matrix\u2018s data-driven insights. Book a demo now<\/a>!<\/p>\n\n\n\n

Media Mentions<\/strong><\/h2>\n\n\n\n