Lodha Group purchases prime land parcel in Pune

Lodha Group purchases a prime portion of land in Pune, a magnificent 1.10 acre block of land in Pune's Bund Garden neighbourhood from Poonawalla Constructions LLP for Rs 800 million. Given that this is one of the highest considerations, based on per-acre cost, spent by any developer for a land tract in Pune, the deal assumes significance. The land parcel was bought by Macrotech Developers and Home Crest Constructions, a co-investor. On July 11, the agreement was completed and registered, with Lodha paying stamp duty in the amount of Rs 56 mn. Zavareh Poonawalla, a brother of Cyrus Poonawalla of Serum Institute, is a partner in Poonawalla Constructions, which had long held this piece of property. The land in the area was valued at Rs 600 mn per acre when a European fund and its Indian developer partner paid Rs 1.5 bn for a 1.75 acre land lot in the same neighbourhood last year. An acre in the most recent purchase is worth approximately Rs 730 mn. Also read: Lodha Group plans alliances for Rs 150-bn development projects Lodha to invest Rs 39.5 billion on sustainability