Prestige Estates subsidiary buys 4.5 acres in Pune for Rs 2 billion+
Real Estate

Prestige Estates subsidiary buys 4.5 acres in Pune for Rs 2 billion+

Prestige Exora Business Parks, a subsidiary of real estate developer Prestige Estates Projects, has acquired development rights and a 4.5-acre land parcel in Pune’s Kharadi locality for over Rs 2 billion. The land was purchased from joint development partner B U Bhandari M&M Realtors LLP, with whom Prestige had entered into an agreement in July 2017 to co-develop a larger plot.

In March, both parties revised certain terms of the joint development agreement, which led to the sale and transfer of the land and its full development potential to Prestige Group. The buyer paid over Rs 140 million in stamp duty for the registration, according to documents obtained from CRE Matrix.

Prestige Estates is currently raising up to Rs 50 billion through a qualified institutional placement (QIP) of equity shares, which is expected to conclude soon.

The surge in land deals across key cities is being driven by strong demand in the real estate sector, bolstered by urbanisation, economic growth, and a rising middle class. As infrastructure projects gain momentum, the demand for residential, commercial, and industrial properties continues to rise, encouraging developers to secure land for future growth, reflecting optimism in India's real estate market.

(ET)

Prestige Exora Business Parks, a subsidiary of real estate developer Prestige Estates Projects, has acquired development rights and a 4.5-acre land parcel in Pune’s Kharadi locality for over Rs 2 billion. The land was purchased from joint development partner B U Bhandari M&M Realtors LLP, with whom Prestige had entered into an agreement in July 2017 to co-develop a larger plot. In March, both parties revised certain terms of the joint development agreement, which led to the sale and transfer of the land and its full development potential to Prestige Group. The buyer paid over Rs 140 million in stamp duty for the registration, according to documents obtained from CRE Matrix. Prestige Estates is currently raising up to Rs 50 billion through a qualified institutional placement (QIP) of equity shares, which is expected to conclude soon. The surge in land deals across key cities is being driven by strong demand in the real estate sector, bolstered by urbanisation, economic growth, and a rising middle class. As infrastructure projects gain momentum, the demand for residential, commercial, and industrial properties continues to rise, encouraging developers to secure land for future growth, reflecting optimism in India's real estate market. (ET)

Next Story
Infrastructure Transport

Mumbai-Ahmedabad Bullet Train Set to Launch by 2028

India’s first bullet train is set to revolutionize high-speed travel along the western corridor, with the Mumbai-Ahmedabad high-speed rail project aiming for a 2028 launch. This announcement marks a major milestone in India’s infrastructure goals, as it promises to reduce travel time between the two economic hubs from eight hours to just three.Spanning a planned 508-kilometre stretch, the corridor stands as a flagship example of Indo-Japanese collaboration in technology and engineering. Once operational, the train is expected to transform intercity mobility and place India among the select..

Next Story
Infrastructure Transport

Mumbai-Gandhinagar Train Service Enhances Passenger Capacity

The Mumbai Central–Gandhinagar Capital Vande Bharat Express has increased its passenger capacity by adding four additional AC chair car coaches to meet the growing commuter demand on one of India’s busiest business corridors. This upgrade, effective from 11 May, raised the train’s seating capacity from 1,128 to 1,440 passengers, allowing it to serve 936 more passengers daily in both directions. The increase was described as a practical measure to accommodate the surging demand on the busy Mumbai–Ahmedabad–Gandhinagar route, which regularly operates at over 150 percent seat occupancy...

Next Story
Infrastructure Urban

Delhi Plans 12 Sewage Plants to Clean Najafgarh Drain Efficiently

Delhi’s ambitious plan to improve the water quality of the Yamuna River has gained significant momentum as the Delhi Jal Board (DJB) has begun work on 12 new sewage treatment plants (STPs) aimed at reducing the volume of untreated sewage being discharged from the Najafgarh Drain.This initiative forms part of the ongoing efforts to clean the Yamuna and restore the river’s health, which has long been a critical environmental issue for the national capital. Given the alarming pollution levels in the Yamuna, experts and officials consider this project a vital step toward addressing the persist..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?