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.
Tags:
Related News Articles
Indian Residential Real Estate Market Sees Unprecedented Growth in H1 2024
Mumbai and Hyderabad led the charge in residential launches, contributing 43% of new units, with India's residential real estate market reaching new heights in H1 2024.
Bachchan Father-Son Duo Acquire 10 Mulund Apartments, Boost 2024 Real Estate Portfolio to ₹100 Crore
Amitabh and Abhishek Bachchan have purchased 10 apartments in Mulund for ₹24.95 crore, significantly enhancing their real estate portfolio which now stands at over ₹100 crore. | Mumbai
Gujarat Diary: Modi's Presence at the Wedding of Diamond Baron's Son
Dholakia's only son Dravya tied the knot with Jahnvi, the daughter of a prominent real estate businessman Bharat Chaludiya. The ceremony was marked by the presence of Prime Minister Narendra Modi, adding a significant political highlight to the event.
Nimbus Projects' Stock Reaches All-Time High, Outperforming Sector and Sensex
In a significant market move, Nimbus Projects' stock has surged to its highest level, outperforming both its sector and the Sensex. This remarkable achievement reflects the company's strong financial health and robust business strategies.
Mumbai Sees 5% Increase in Property Registrations in November 2024
Real estate consultant Knight Frank India reports a 5% rise in property registrations in Mumbai, totaling 10,216 units in November 2024.
Delta Corp Updates Demerger Strategy for its Hospitality and Real Estate Divisions
Delta Corp Ltd’s shares saw a significant rise, closing at ₹122.65, up by ₹3.20, or 2.68% on the BSE. The company has announced a revised plan for the demerger of its hospitality and real estate businesses.