The Prestige Group has made a significant move in Pune’s real estate market by acquiring a 4.57-acre parcel of land in the Kharadi area for ₹200.20 crore. This strategic investment marks a major step in the group’s expansion into Pune and underscores the growing demand for commercial real estate in this burgeoning sector.
The acquisition, finalised through Prestige Exora Business Parks, a subsidiary of the Bengaluru-based Prestige Group, includes a substantial stamp duty payment of ₹14 crore. The transaction, recorded on April 16, saw ₹198 crore transferred to the seller of BU Bhandari M&M Realtors, after accounting for mandatory taxes. Kharadi, located in Pune, is rapidly evolving into a prominent IT and residential hub. This area has seen significant growth due to the development of Special Economic Zones (SEZs), which have spurred a rise in housing and commercial property demands. The Prestige Group’s new project will likely add to the area’s already dynamic real estate landscape by introducing a business park that aligns with the region’s expansion.
This acquisition follows a notable trend in Pune’s real estate market, which has experienced a 25% increase in registrations over the past year. The Prestige Group, which has also entered the Mumbai market, had previously announced plans to develop a residential project in Pune, covering over a million square feet. The new business park is expected to complement these efforts, bolstering the group’s presence in the state and contributing to local economic development. The Director at the Prestige Group, expressed enthusiasm about the purchase, highlighting the strategic importance of Kharadi’s location and its potential to attract businesses and residents. The new business park is poised to become a significant asset in the area, offering modern infrastructure and contributing to Pune’s growth as a major commercial and residential centre.
The investment by Prestige Group reflects the positive trajectory of Pune’s real estate market and showcases the confidence investors have in the city’s future. As Kharadi continues to develop, projects like the one initiated by Prestige Group will play a crucial role in shaping the area’s commercial landscape and supporting its ongoing transformation.
