Merlin Group Secures Prime 3.3-Acre Land in Pune’s Koregaon Park for Rs 273 Crore

MUMBAI: The Merlin Group, a leading property developer based in Kolkata, has made a substantial land acquisition in Pune. The company has secured a 3.26-acre land parcel in the Mundhwa locality, near the prestigious Koregaon Park, for Rs 273 crore. This strategic move is part of the group's ambitious expansion plans in the western Indian market.

Merlin Prime Spaces, a subsidiary of Merlin Group, intends to develop a commercial project on the acquired land. The project is expected to attract significant investment, with a total expenditure of over Rs 1,000 crore, including the land cost. The development is slated for completion by 2030 and is projected to be valued at around Rs 3,000 crore upon occupancy.

“We plan to develop an office-led commercial project, targeted at banking, financial services, insurance companies, and global capability centres,” Saket Mohta, Managing Director of Merlin Group, told ET. The project is expected to cater to the growing demand for high-quality commercial spaces in Pune.

The company plans to invest approximately Rs 800 crore towards construction, development, and other associated costs. The buyer has already paid a stamp duty of Rs 19.11 crore for the transaction, which was registered on February 20, as per documents accessed through CRE Matrix, a real estate data analytics platform.

Merlin Group entered the Pune market in 2021 and is currently developing three projects in the city. These include one commercial, one mixed-use, and one premium residential project, covering a total development area of around 1 million square feet. The group is also planning to start another commercial project at Baner in Pune and is actively exploring opportunities in Navi Mumbai.

“We are aiming to deepen our footprint in Pune and other western Indian markets,” Mohta added. The acquisition of this prime land parcel is a significant step towards achieving this goal.

The Joregaon-Mundhwa belt in Pune has gained increasing attention from developers in recent years due to its proximity to established employment hubs such as Kharadi, Magarpatta, and Hadapsar. Improved connectivity and the expansion of social infrastructure have further enhanced the area’s appeal to organized developers.

Transactions of this scale typically signal the development of mixed-use projects, given the prevailing demand patterns in the micro-market. Land acquisitions in Pune have remained steady amid sustained end-user demand, with developers actively replenishing their pipelines across high-growth corridors, experts noted.

The transaction underscores the continued appetite for well-located land parcels in established urban clusters, particularly those offering access to commercial hubs and infrastructure networks. This acquisition by Merlin Group is a clear indication of the company's commitment to expanding its presence in Pune and other key markets in western India.