Prestige Group buys 4.57 acres in Pune for ₹200.20 crore

Prestige Group buys 4.57 acres in Pune's Kharadi for ₹200.20 crore to develop a business park, amid rising demand in the local realty market.

MUMBAI: The Prestige Group has bought 4.57 acres in Pune’s Kharadi area for ₹200.20 crore from Anuj Bhandari of BU Bhandari M&M Realtors to develop a business park, shows transaction data with CRE Matrix, a real estate analytics firm.

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The Bengaluru-based group purchased the land parcel through its subsidiary, Prestige Exora Business Parks. As part of the purchase deal, a stamp duty of ₹14 crore was paid and the documents registered on April 16. A sum of ₹198 crore was paid to the selling developer’s company after deducting mandatory taxes.

Kharadi is currently undergoing rapid development for transforming the area into an upmarket IT and residential hub. The area also has Special Economic Zones, leading to an increase in the demand for housing.

Pune’s realty market has witnessed a significant jump in the last one year, with registrations increasing by 25%. The Prestige Group, too, entered the state’s real estate market, including Mumbai, around the same time. After entering the market, the group had shared its plans to develop a residential project in Pune, spread over a million square feet, last year. The company is likely to make a formal announcement in this regard soon.