PUNE: Kolte-Patil Developers Limited has purchased a 34-acre land at Wakad for around Rs 350 crore, which the company claims is the largest reported land deal within the limits of Pune city.
The land is located along the Mumbai-Pune highway and has been a preferred choice for development of residential properties, largely because of its proximity to the Rajiv Gandhi Hinjewadi IT Park - home to several global IT majors. The 34-acre land is well connected to top residential areas like Aundh and Baner, industrial areas of Pimpri Chinchwad, Mumbai-Bangalore bypass and the Balewadi sports complex.
Kolte-Patil Developers Ltd has 100% ownership of the land. The company plans to develop a mixed-use residential housing project on the land.
Sujay Kalele, CEO, Kolte-Patil Developers Ltd, said, "We are excited to announce the closure of this land acquisition, which adds significantly to our non-township developable land bank and diversifies our development risks. We are confident that the project will receive tremendous response given our strong brand name and execution capabilities. This is the largest reported land deal within the city limits in Pune and was funded largely through internal accruals."
Sanjay Bajaj, managing director of real estate advisory firm Jones Lang LaSalle India, told TOI, "It is a prudent and well-timed move. Currently, the locations that are attracting the highest demand for residential properties are Aundh, Baner and Wakad. Also, the western side of the city is well-connected to the Expressway."
Bajaj said that retail is taking off with three large malls planned in Wakad.