by THO
Bengaluru-based listed real estate developer Prestige Estates’ wholly owned subsidiary Prestige Exora Business Parks Ltd has purchased a 4.57-acre land parcel in Pune for ₹200 crore, according to property registration documents accessed by CRE Matrix.
The land parcel is located in the Kharadi area of Pune, one of the busiest commercial districts in the city.
The land was sold by Pune-based B U Bhandari M&M Realtors LLP for which the transaction was registered on April 16, 2024, the documents showed.
The stamp duty paid for the land is over ₹14 crore, according to the documents.
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An amount of ₹198 crore was paid for by the purchaser to the seller through a demand draft on April 20, 2024. The tax deducted at source (TDS) for the deal is over ₹2 crore, taking the total land purchase cost to over ₹200 crore, the documents showed.
The Prestige Group is also expected to launch its first residential project in Pune over the coming months. The company had said in December last year that it plans to launch a housing project spread across an area of 1 million square feet with a revenue potential of ₹750 crore to ₹1,000 crore in 2024.
Prestige Group has 43 upcoming projects spanning a total of 92 million square feet across its residential, commercial and retail portfolio, according to details shared by the company in its investors’ presentation. These projects will be spread across seven cities – Hyderabad, Delhi-NCR, Goa, Bengaluru, Mumbai, Chennai and Kochi.
An email query sent to Prestige Group and seller of the land parcel Anuj Bhandari of B U Bhandari M&M Realtors LLP did not get any response.
All about the Pune real estate market
The Pune real estate market saw a 25% year-on-year (YoY) increase in property registrations in July 2024 with 13,314 properties being registered as against 10,614 in the same period a year ago, according to the data shared by Maharashtra government’s Department of Registrations and Stamps – the Inspector General of Registration and Controller of Stamp (IGR).
Also Read: Property registrations in Pune up 25% YoY, homes worth ₹50 lakh to ₹1 crore secure highest share
Kharadi is located in the northeast part of Pune and enjoys easy connectivity to other cities like Nashik, Aurangabad and Nagpur.
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The per sq ft rate for residential apartments in the area is around ₹10,000 per sq ft. Rentals for commercial space in the area are in the range of around ₹90 to 100 per sq ft, depending on several factors, local brokers said.
