Macrotech Developers, a leading real estate company, has entered into a development agreement with Goel Ganga Developments for a 5.1-acre land parcel located in Pune’s western suburb of Wakad, according to property registration documents accessed by Propstack.

With the addition of this project, Macrotech, also known as Lodha Group, now has a total of 11 ongoing or completed projects in the Pune market.

As per the registration documents, Macrotech paid a stamp duty of Rs 80.26 million for the land, based on a transaction value of approximately Rs 1.65 billion. Under the terms of the development agreement, Macrotech is expected to share 22.5 per cent of the project's revenue with Goel Ganga Developments.

A spokesperson for Macrotech Developers declined to comment on the development. It had reached out to Goel Ganga Developments for a response regarding the deal and mentioned that the story would be updated once their response is received.

Macrotech is scheduled to announce its Q4 and FY25 financial results later on April 24.

The land parcel belongs to Goel Ganga Developments, a prominent real estate player in Pune, which also has a commercial project, GO Square, located near the site to be developed by Macrotech. Wakad and its surrounding areas have attracted interest from several large and listed developers due to their proximity to the Rajiv Gandhi Infotech Park in Hinjawadi — Pune’s largest technology hub — as well as major roadways like the Katraj-Dehu Road bypass and the Mumbai-Pune Expressway.

Over the past two to three years, Lodha Group has been actively expanding its footprint in Pune, targeting areas such as Hinjawadi, Wakad, and Kothrud, with the objective of growing its market share in the city, despite facing stiff competition from both local and national developers.

News source: Money Control