Realty developer Lodha Group has acquired a first-rate land parcel unfold over 1.10 acre in Pune’s Bund Backyard locality from Poonawalla Constructions LLP for Rs 80 crore.
The deal assumes significance provided that that is amongst the very best issues, based mostly on per acre pricing, paid by any developer for a land parcel in Pune.
Macrotech Builders has acquired the land parcel together with a co-investor firm Dwelling Crest Constructions. The deal, for which Lodha has paid stamp responsibility price Rs 5.60 crore, was concluded and registered on July 11.
Poonawalla Constructions, which had been holding this land parcel for a very long time, counts Serum Institute’s Cyrus Poonawalla’s brother Zavareh Poonawalla as an associate. Lodha is planning to develop a high-end residential mission with a small element of retail house on the mentioned land parcel, which has whole growth potential of two.5 lakh to three lakh sq ft. With this mission, Lodha is increasing its presence in Pune, one of many key focus markets for the corporate.
This was Lodha Group’s second mission in Pune and its return to this property market almost a decade after its luxurious growth at Lodha Belmondo in Gahunje locality. Our enterprise is rising in Pune. We’re growing the land together with a co-investor in step with our capital mild mannequin,” mentioned a spokesperson of Macrotech Builders.