Hiranandani Group, a real-estate developer, has marked its entry into the Pune market in India by announcing a joint development project with domestic company Krisala Developers.
The project, with an estimated revenue potential of Rs70bn ($0.8bn), will see the creation of an integrated township in North Hinjewadi, Pune.
The total investment for the land asset of 105 acres is valued at Rs20bn.
This expansive project will feature residential, commercial, and retail spaces, developed under the integrated township policy.
The initial phase of the development is estimated to require an investment of roughly Rs5bn, with a projected turnover of approximately Rs21bn.
Spanning 30 acres, the first phase aims to deliver a minimum of three million square feet of real-estate space.
Originally owning the land asset, Hiranandani Group had considered selling it but instead opted for a joint venture.
Colliers India, a professional services company specialising in commercial real-estate services, engineering consultancy, and investment management, facilitated the deal.
The proposed development will offer a mix of apartments, villa plots, branded residences, and recreational amenities.
Hiranandani Group chair Dr Niranjan Hiranandani was quoted by Business Standard as saying: “Mega infrastructure projects are establishing crucial last-mile connectivity between Mumbai and Pune, invigorating the dynamic Mumbai metropolitan region (MMR) and Pune real-estate markets. This connectivity directly addresses the aspirational living demands of migrating talent.
“Pune’s real-estate sector is experiencing robust growth, propelled by its booming IT hubs, outstanding connectivity, and an influx of skilled professionals. The seamless connection between these two major business cities has opened unprecedented opportunities for real-estate development.”
Hiranandani Group, headquartered in Mumbai, has a diverse portfolio incorporating housing, commercial, data centres, and industrial and logistics parks.
Krisala Developers, meanwhile, brings a track record of over 2.3 million square feet of construction across various residential and commercial projects.
Earlier this month, Kolte-Patil Developers, a real-estate company, entered a joint development agreement for a mixed-use project in Wadgaon Khurd, Pune.
