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Bengaluru: Real estate firm Kohinoor Group has bought about 32 acres of land in Pune’s Wagholi suburb from another developer Goel Ganga Group.

Kohinoor Group plans to develop a residential-cum-commercial office project on the land parcel.

Property consultancy Anarock Group was the transaction advisor.

The estimated transaction value is about 180-195 crore, according to estimates by local brokers.

The land parcel has an overall development potential of around four million sq ft. On the residential front, the planned project will mainly cater to mid-segment home buyers, with units priced in the range of 55-80 lakh.

"We are happy to have enabled this timely land transaction between two of Pune's most prominent real estate players. 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," said Shobhit Agarwal, MD and CEO, capital markets-Anarock Group.

Vineet Goyal, joint managing director, 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."

Land prices in the area range between 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, according to Anarock.

Land deals have been picking up across the top property markets as well-established developers are looking to buy fresh parcels to build a development pipeline in the short to medium term.

Last week, Mahindra Lifespace Developers Ltd said that it will purchase 9.24 acres of land in suburban Kandivali, in Mumbai, from Mahindra & Mahindra Ltd for real estate development for 365 crore.

On Sunday property advisory JLL India said Ramky Estates & Farms Ltd has tied up with IT firm Genpact to develop a 14-acre project at Uppal, in Hyderabad. The land parcel owned by Genpact is situated next to its campus in Uppal, and Ramky Estates will develop Grade A offices for the former.

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