Prestige Estates Buys 4.5 Acres in Pune
This transaction marks a significant development in the ongoing collaboration between Prestige Estates and M&M Realtors, initiated through a joint development agreement (JDA) established in July 2017. The agreement was aimed at co-developing the land from a larger plot held by the latter.
In a strategic move earlier this year, the terms of the JDA were amended to reflect evolving project requirements. Consequently, the latest transaction sees Prestige Exora Business Parks taking over both the land and its full development potential. The deal includes the transfer of all associated rights, consolidating Prestige’s position in the region. According to official documents reviewed through CRE Matrix, the transaction was registered with a stamp duty payment of over ₹14 crore. This substantial outlay underscores the scale of the acquisition and Prestige’s commitment to expanding its footprint in Pune’s rapidly growing real estate market.
The Kharadi locality, known for its significant commercial and residential development, continues to attract major real estate players. The acquisition by Prestige Exora Business Parks is expected to bolster its portfolio and enhance its market presence in one of Pune’s most sought-after areas. The purchase aligns with Prestige Estates’ broader strategy of strengthening its landholdings and development capabilities in key urban centres, leveraging growth opportunities in high-demand real estate segments.
