Prestige Exora Business Parks, a subsidiary of Bengaluru-based Prestige Estates, has acquired a 4.57-acre land parcel in Pune’s tech hub of Kharadi for ₹200 crore. This information is revealed in the registration documents accessed by CRE Matrix.
Transaction Details
The land was purchased from Pune-based BU Bhandari M&M Realtors LLP on April 16, 2024, with a stamp duty of over ₹14 crore. The transaction involved a payment of ₹198 crore through a demand draft on April 20, 2024, with a tax deducted at source (TDS) of over ₹2 crore, bringing the total land purchase cost to over ₹200 crore.
Kharadi: Pune’s Emerging Tech Hub
Kharadi, along with Hinjewadi, has become a major tech center in Pune. Numerous Indian and international tech firms have established a presence in Kharadi’s commercial spaces over the past decade. Recently, even manufacturing and financial companies have started setting up their global centers there. Kharadi is home to the EON IT Park, a special economic zone owned by Panchshil and Blackstone.
» Explore commercial properties in Kharadi
Growing Commercial Demand in Pune
The acquisition of the 4.57-acre land parcel in Pune by Prestige Exora Business Parks highlights the growing demand for commercial real estate in the region. This significant deal reinforces Prestige Group’s position as a leading player in the Indian real estate market. With the company’s plans to launch its first residential project in Pune, the city can expect to see further development and growth in the coming years.
Recent Land Transactions
The Pune real estate market is experiencing a significant increase in land transactions due to reasons such as economic expansion, urbanization, and growing demand for residential and commercial properties.
In a recent transaction, Tata AutoComp Systems sold more than 13 acres of land in Pune. In another major land deal, Adani Group acquired leasehold rights of 25 acres from Finolex for Rs 470 crore in Pune.
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