Macrotech acquires land in Pune for Rs 110 crore from Paranjape Schemes

18 Nov 2024 CW Team

Macrotech Developers, the Mumbai-based real estate giant also known as Lodha Group, has acquired a 2.82-acre land parcel in the Hinjewadi area of Pune for Rs 110 crore. The deal, finalized on October 14, was made with Paranjape Schemes Construction Limited, a Pune-based developer, as the seller. The transaction documents, accessed by CRE Matrix, reveal that Lodha paid a stamp duty of Rs 6.64 crore and a registration fee of Rs 30,000.

Located in the Hinjewadi micro-market, a prominent IT hub in Pune with access to the Mumbai-Pune Expressway, the land parcel also includes a special economic zone (SEZ) component. The area is known for its robust real estate activity, with apartment prices around Rs 10,000 per square foot and Grade A office space rentals between Rs 50-60 per square foot, according to local brokers.

This acquisition marks a strategic move for Lodha in Pune, which follows its previous projects in the city, including Lodha Belmondo near the Mumbai Pune Expressway and a project in Kharadi launched last year. Additionally, in January 2024, Lodha had announced the acquisition of a 100% stake in Goel Ganga Ventures India Private Limited (GGVIPL), another Pune-based firm.

The broader Pune real estate market has seen a dip in property registrations, with a 33% year-on-year (YoY) decrease in September 2024 compared to the same period last year. Macrotech’s managing director and CEO, Abhishek Lodha, recently stated that the company has successfully completed its pilot phase in Bengaluru and aims to capture a 15% market share in the city by the end of the decade.

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