Prestige Estates Subsidiary Acquires 4.5 Acres in Pune's Kharadi for Over Rs 200 Crores
Realty developer Prestige Estates Projects' subsidiary buys out partner's development rights and land parcel in Pune's Kharadi locality, reflecting growing demand for real estate in the city.
Prestige Estates ProjectsB U Bhandari Mm Realtors LlpPune Real EstateLand AcquisitionJoint Development AgreementReal Estate PuneSep 03, 2024
The acquisition follows an amended joint development agreement between the two parties, which was signed in July 2017. As per the agreement, both parties had agreed to jointly develop the plot, which is part of a larger land parcel. However, in March, the terms and conditions of the agreement were amended, paving the way for the acquisition.
According to documents accessed through CRE Matrix, the buyer has paid a stamp duty of over Rs 14 crores for the registration of the deal. Despite efforts to reach out, Prestige Group and B U Bhandari M&M Realtors LLP remained unavailable for comment.
The acquisition is a strategic move by Prestige Estates Projects, which is currently in the process of raising up to Rs 5,000 crores by selling equity shares to institutional investors through private placement. The company launched its Qualified Institutional Placement (QIP) issue last week and is expected to conclude it this week.
The real estate market in India is witnessing a significant rise in land deals, driven by a robust demand for properties across various sectors. The growth trajectory of the market is fuelled by factors such as urbanisation, economic development, and a growing middle class with rising disposable incomes. As infrastructure projects take off, the demand for residential, commercial, and industrial properties has surged, prompting developers to secure land parcels to meet this rising need.
This heightened activity in the land market reflects the optimism and confidence among investors and developers in the long-term prospects of India's real estate sector.
About Prestige Estates Projects Prestige Estates Projects is a leading real estate developer in India, with a diverse portfolio of residential, commercial, and industrial projects. The company has a strong presence in several cities across the country, including Bangalore, Chennai, Hyderabad, and Pune.
About B U Bhandari M&M Realtors LLP B U Bhandari M&M Realtors LLP is a joint venture between B U Bhandari and M&M Realtors, two prominent real estate developers in Pune. The company has developed several residential and commercial projects in the city and its surrounding areas.
Frequently Asked Questions
Who is the buyer of the 4.5 acres of land in Pune's Kharadi locality?
Prestige Exora Business Parks, a subsidiary of Prestige Estates Projects, is the buyer of the 4.5 acres of land in Pune's Kharadi locality.
How much did the buyer pay for the acquisition?
The buyer paid over Rs 200 crores for the acquisition, in addition to a stamp duty of over Rs 14 crores.
What is the purpose of the acquisition?
The acquisition is a strategic move by Prestige Estates Projects to secure land parcels to meet the rising demand for properties in Pune.
What is the current state of the real estate market in India?
The real estate market in India is witnessing a significant rise in land deals, driven by a robust demand for properties across various sectors.
Who are the joint venture partners of B U Bhandari M&M Realtors LLP?
B U Bhandari M&M Realtors LLP is a joint venture between B U Bhandari and M&M Realtors, two prominent real estate developers in Pune.
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