K Raheja Corp buys 7.4-acre land parcel in Pune's Mahalunge for Rs 200 cr
K Raheja Corp's subsidiary, KRC Queens, has acquired a 7.43-acre land parcel in Pune's Mahalunge for nearly Rs 200 crore. The deal, with a development potential of 1.7 million sq ft, highlights developers' confidence in Pune's real estate market, particularly in emerging corridors with strong residential and commercial demand.
Agencies Realty developer K Raheja Corp's subsidiary KRC Queens has acquired a prime land parcel measuring 7.43 acres in Pune's Mahalunge locality from Mahalunge Real Estate Developers for nearly Rs 200 crore.The land parcel holds a development potential of 1.7 million sq ft built-up area, making it one of the larger land acquisitions in Pune's western corridor in recent months.The Mumbai-based company has paid stamp duty worth Rs 13.67 crore for the registration of the transaction that took place on July 21, showed documents accessed through CRE Matrix, a realty data analytics platform.The location of this plot in Mahalunge, which is part of the Maan-Mahalunge micro-market along the Hinjewadi-Balewadi growth corridor, has seen increasing interest from large developers, given its proximity to the information technology hub of Hinjewadi, upcoming metro connectivity and civic infrastructure expansion.
The deal indicates realty developers' continued confidence in Pune's residential and commercial real estate market, especially in emerging corridors that are witnessing robust demand from homebuyers and businesses.
KRC Queens, the acquiring entity, is part of K Raheja Corp group that has developed and operates a portfolio spanning commercial offices, retail, hospitality and residential projects across key Indian cities.With this acquisition, the company is expected to further strengthen its presence in the Pune market, which has emerged as one of the most active real estate destinations in the country in recent quarters.Industry experts believe that the development potential of 1.7 million sq ft gives the buyer flexibility to pursue a mix of asset classes based on market demand.ET's email query to K Raheja Corp remained unanswered until the time of going to press.Pune's housing market is witnessing strong momentum, underpinned by solid economic activity, expanding infrastructure and shifting homebuyer expectations. Property prices in the city have climbed approximately 15% over the past year, putting it ahead of the national trend.Key infrastructure projects like Pune Metro and Ring Road have played a critical role in boosting real estate demand, especially in areas such as Hinjewadi, Wakad, Baner and Balewadi, as well as emerging suburban pockets like Punawale, Ravet and Wagholi.
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