Prestige Exora Business Parks, a subsidiary of Bengaluru's Prestige Estates, has acquired a prime 4.57-acre land parcel in Pune's fast-growing Kharadi area for INR 200 crore. The deal, finalized in April 2024, marks Prestige's expansion into Pune's booming real estate market. Kharadi, known for its IT parks, corporate offices, and upscale residential developments, has become a hub for land investments due to its proximity to Pune's IT corridor and excellent connectivity via the Pune-Mumbai Expressway. Prestige's acquisition from B U Bhandari M&M Real Estate agents aligns with its strategy to capitalize on Pune's dynamic housing and commercial sectors.
In a huge move mirroring the developing dynamism of Pune's housing market, Prestige Exora Business Parks, a subsidiary of the Bengaluru-based Prestige Estates, has secured a prime 4.57-acre land parcel in the bustling Kharadi area of Pune. The transaction, estimated to be INR 200 crore, highlights the organization's intention to expand in the region and across key urban communities in India.
Located in Kharadi, a neighborhood that has quickly become one of Pune's most desirable spots for residential and commercial developments. Kharadi is home to a few IT parks, corporate workplaces, and upscale private tasks, making it a point of convergence for land ventures. Due to its proximity to Pune's IT corridor, improved connectivity via the Pune-Mumbai Expressway, and the presence of high-end social infrastructure such as shopping malls, schools, and hospitals, the area has seen an increase in demand.
The deal was closed on April 16, 2024, with Prestige Exora Business Parks making a stamp duty payment of approximately INR 14 crore. The land was bought from Pune-based B U Bhandari M&M Real estate agents LLP, a noticeable real estate entity. The payments were said to be made through a demand draft on April 20, 2024.
Prestige Exora Business Parks' strategic acquisition of the 4.57-acre land parcel in Kharadi demonstrates the Prestige Group's commitment to expanding its presence in Pune. As Pune keeps on developing into a significant housing market, the gathering's interest in the city's business area is supposed to pay off liberally.
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