Pune Real Estate Market Sees Significant Boost as Prestige Exora Business Parks Buys 4.57-Acre Land Parcel for ₹200 Crore
Pune real estate market witnesses a 25% year-on-year increase in property registrations in July 2024. Prestige Exora Business Parks buys 4.57-acre land parcel in Kharadi for ₹200 crore.
Pune Real EstatePrestige Exora Business ParksKharadiProperty RegistrationsResidential ProjectsReal Estate NewsSep 03, 2024
The land parcel was sold by Pune-based B U Bhandari M&M Realtors LLP, with the transaction registered on April 16, 2024. The stamp duty paid for the land is over ₹14 crore, and an amount of ₹198 crore was paid 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.
This acquisition is expected to give a further boost to the Pune real estate market, which has already seen a 25% year-on-year increase in property registrations in July 2024. According to data shared by the Maharashtra government's Department of Registrations and Stamps – the Inspector General of Registration and Controller of Stamp (IGR), 13,314 properties were registered in July 2024, as against 10,614 in the same period a year ago.
The Prestige Group is also expected to launch its first residential project in Pune over the coming months. The company had announced 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.
Kharadi, where the land parcel is located, is a sought-after area in Pune, with easy connectivity to other cities like Nashik, Aurangabad, and Nagpur. The per sq ft rate for residential apartments in the area is around ₹10,000 per sq ft, while 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.
The 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.
About Prestige Group
Prestige Group is a leading real estate developer in India, with a presence in several cities across the country. The company has a diverse portfolio of residential, commercial, and retail projects, and is known for its commitment to quality and customer satisfaction.
Information
The Pune real estate market has been witnessing a steady growth in recent times, driven by increasing demand for residential and commercial spaces. The city's proximity to Mumbai, its growing IT sector, and its reputation as an educational hub have made it an attractive destination for homebuyers and investors alike.
Frequently Asked Questions
What is the size of the land parcel purchased by Prestige Exora Business Parks in Kharadi?
The land parcel is 4.57 acres in size.
What is the cost of the land parcel purchased by Prestige Exora Business Parks in Kharadi?
The cost of the land parcel is ₹200 crore.
What is the expected revenue potential of the Prestige Group's upcoming residential project in Pune?
The expected revenue potential of the project is ₹750 crore to ₹1,000 crore.
What is the per sq ft rate for residential apartments in Kharadi?
The per sq ft rate for residential apartments in Kharadi is around ₹10,000 per sq ft.
What is the rental range for commercial space in Kharadi?
The rental range for commercial space in Kharadi is around ₹90 to 100 per sq ft, depending on several factors.
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