PUNE, Feb 2014 (The CONNECT) -Leading real estate consultancy ANAROCK Group's Capital Markets division has announced the successful conclusion of a transaction for 32 acres of prime land in Pune's realty hotspot Wagholi.
The deal involves two of Pune's leading developers whom ANAROCK represented to forge a win-win transaction for the development of a residential-cum-commercial project.
The land parcel, sold by Goel Ganga Group to Kohinoor Group, has an overall development potential of approx. 4 million square feet. On the residential front, the planned project will mainly cater to mid-segment home buyers, with units priced in the 'sweet spot' budget range of INR 55-80 lakh.
Shobhit Agarwal, MD & CEO – Capital Markets, ANAROCK Group, said, real estate development in Pune is on a sustained upswing, driven by the city's resilient IT sector and increased demand for homeownership amid the new pandemic realities. Wagholi is a hotbed of residential and commercial real estate activity, he pointed out.
Vineet Goyal, Jt. MD - Kohinoor Group, said, "Kohinoor Group Pune confirms purchase of 32 acres in Pune’s upcoming IT hub of New Kharadi (Wagholi) to develop a premium residential and IT office project along with a reputed school and lifestyle amenities. Wagholi is the perfect location for the project we will develop there, since it has an IT-driven clientele looking for superior offerings with state-of-the-art facilities and amenities."
Wagholi, located along the Pune-Ahmednagar highway, benefits from multiple growth drivers. It draws direct spill over demand from other major residential and commercial hubs like Kharadi, Hadapsar, Magarpatta city, Koregaon Park, and the nearby industrial zones of Ranjangaon and Shikrapur. It has well-developed social infrastructure and is patronized by IT professionals and industrial employees. The highest demand in this area is for mid-range and premium housing options.
Mohammed Aslam, President - Capital Markets (Pune) ANAROCK Group, said, Wagholi is a veritable housing demand magnet, with approx. 29,400 units launched here since 2013 till date. Land prices here region range between INR 1800-2000/sq.ft., and residential projects have been a blend of mid-size (200-500 units) and large projects (over 500 units) over the years. “This land transaction effectively ensures that Wagholi delivers another landmark residential development by one of Pune's most respected and trusted real estate players," Aslam said.