Kohinoor Group acquires 32 acre land for Rs 200 cr in Pune

Kohinoor Group acquired 32 acres of land parcel for Rs 200 crore in Pune from Goel Ganga Group for mixed development use.

Anarock Capital facilitated the deal between the groups and concluded the land deal for 32 acres of prime land at Wagholi.

The land has an overall development potential of about four million sq ft to cater to mid-segment homebuyers, with units priced between Rs 55-80 lakh.

CEO and Managing Director of Anarock, Shobhit Agarwal, said that the company enabled transactions between the real estate firms.

He said Pune is on a sustained upswing, driven by its resilient IT sector and increased demand for homeownership amid the Covid-19 pandemic. Wagholi is now a hotbed of residential and commercial real estate projects.

Joint Managing Director of Kohinoor Group, Vineet Goyal, said that the company would develop a premium residential and IT office space with reputed school and lifestyle amenities.

President of Anarock Capital Pune, Mohammed Aslam, said Wagholi has around 29,400 housing units launched since 2013.

The land prices in Pune range between Rs 1,800-2,000 per sq ft and residential projects, with 200-500 mid-segment housing and large projects of 500 units. Pune is emerging as the largest real estate market in India.

Pune has many large developers from other parts of the country, including Marcotech Developers, Godrej Properties, Shapoorji Pallonji Real Estate, Kalpataru Group, Mahindra Lifespace Developers Limited, Sobha, Prestige Group, Puravankara Limited, and others.

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