Niranjan Hiranandani Group announced its foray into the Pune real estate market with a joint development deal. The group has partnered with Krisala Developers to develop 105 acres of land in North Hinjewadi. The project, set to be developed under the Integrated Township Policy, will feature a mix of residential, commercial, and retail spaces, marking a major step in expanding the group's presence in Pune.
The joint development currently launches Phase I development spanned across 30 acres of land with a minimum potential of delivering 3 million square feet of real estate spaces. As part of a joint development deal, the investment in phase 1 development is estimated at approximately Rs 500 crore, with a projected turnover pegged at approximately Rs 2100 crore. The proposed development comprises apartments, villa plots, branded residences, and recreational amenities to enhance homebuyers' holistic living experience.
Dr Niranjan Hiranandani, Chairman of Hiranandani Group, said, "Mega infrastructure projects are establishing crucial last-mile connectivity between Mumbai and Pune, invigorating the dynamic MMR and Pune real estate markets. This connectivity directly addresses the aspirational living demands of migrating talent. Pune's real estate sector is experiencing robust growth, propelled by its booming IT hubs, outstanding connectivity, and an influx of skilled professionals. The seamless connection between these two major business cities has opened unprecedented opportunities for real estate development."
He added, "The Indian real estate landscape is evolving rapidly, and it's clear that innovation and strategic collaboration are essential to achieving exponential growth."
Aakash Agarwal, Managing Director of Krisala Developers, said, "Designed as a self-sustained ecosystem that emphasises liveability, community well-being, and environmental consciousness, this township aims to offer a home for everyone. The development will cater to first-time homebuyers, second-home seekers, investors, and NRIs, ensuring inclusivity and comfort for all demographics. This project differentiates itself through a steadfast commitment to sustainability and scientifically driven urban planning. Our collaborations with renowned energy and resource institutes aim to maintain an air quality index (AQI) of 40, ensuring a healthier living environment for residents."
With its prime location, well-designed spaces, and top-tier amenities, the township is set to redefine integrated residential developments in Pune, blending sustainability and luxury. The joint venture between the Hiranandani Group and Krisala Developers capitalises on the thriving opportunities in today’s strong real estate market.
