Merlin Prime Spaces expands footprint with ₹273 crore land acquisition in Pune

Merlin Prime Spaces has acquired a 13,185 sq m land parcel in Pune’s Mundhwa for ₹273 crore, reflecting strong real estate demand driven by nearby IT hubs

Updated on: Feb 27, 2026, 17:14:47 IST

By Souptik Datta

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Merlin Prime Spaces Private Limited, a subsidiary of Kolkata-based Merlin Group, has acquired a 13,185 sq m land parcel in Pune’s Mundhwa area near Koregaon Park for ₹273 crore. The company plans to develop an office-led commercial project on the site, targeting banking, financial services and insurance (BFSI) firms as well as global capability centres.

Merlin Prime Spaces Private Limited has acquired a 13,185 sq metre land parcel in Pune’s Mundhwa area near Koregaon Park, for ₹273 crore. (Photo for representational purposes only) (Gemini Generated Photo )

The transaction was executed through a sale deed registered on February 20, 2026. The seller of the land parcel is Shridhar Nandlal Pittie, according to registration documents accessed by CRE Matrix.

The transaction attracted a stamp duty payment of ₹19.11 crore, it showed.

Mundhwa has emerged as one of Pune’s active real estate corridors due to its proximity to Kharadi’s IT hub, Hadapsar and Koregaon Park, making it attractive for both residential and mixed-use developments.

Merlin Group plans to develop a commercial project on the land parcel.

"We plan to develop an office- led commercial project, targeted at banking, financial services, insurance companies and global capability centres," said Saket Mohta, MD, Merlin Group.

Merlin Group plans to start another commercial project at Baner in Pune, and is also evaluating opportunities in Navi Mumbai, Mohta said.

The upcoming project will feature premium Grade-A office spaces, ESG-compliant sustainable design, smart building technologies, large floor plates with modern amenities. The project would also house premium F&B section and an auditorium, he said.

Also Read: Pune real estate: Pristine Landmark Spaces LLP purchases over 16,000 sq mtrs of land in Vadgaon Sheri for ₹250 crore

Previous transactions in Pune

Earlier, Godrej Properties acquired an 8.5-acre land parcel in Pune’s Mahalunge area, where it plans to build a housing project with an estimated revenue of ₹2,000 crore. The project will have a development potential of 2.1 million sq ft, the company said.

Pune-based real estate developer Pristine Landmark Spaces LLP has also purchased a land parcel of over 16,000 sq mtrs in Pune's Vadgaon Sheri, for ₹250 crore. The documents showed the land parcel measuring 16,861 sq mtrs is sold jointly by Kumar City Co-operative Housing Society Ltd and Kumar Urban Development Private Ltd.

Documents show the transaction was registered on February 4, 2026, for which a stamp duty of ₹17.50 crore and a registration fee of ₹30,000 were paid.

Also Read: MMR, Bengaluru, Pune lead with 126 land deals across India in 2025; residential projects take the largest pie

Land deals in India

At least 126 land deals covering over 3,772 acres were closed across seven top cities in 2025, compared with 133 deals for more than 2,514 acres in 2024. The Mumbai Metropolitan Region (MMR) led the activity with 32 deals spanning 500 acres, followed by Bengaluru with 27 deals spanning 454 acres, and Pune with 18 deals spanning more than 308 acres, according to an Anarock analysis.

Among tier-2 and tier-3 cities, Ahmedabad topped with 3 deals covering 603 acres, while Amritsar, Mysore, Nagpur and Vadodara saw two deals each. Of the total, over 96 deals for approximately 1,877 acres were proposed for residential development, including plotted developments, township projects, and luxury villas.

Among the top 7 cities, MMR saw the highest land area transacted with more than 500 acres in 32 separate deals, accounting for over 13 per cent share of the total land transacted across India in 2025. It showed the planned developments include residential, commercial, industrial, data centre, and plotted developments.

Bengaluru sealed 27 separate deals, accounting for a 12 per cent share of the total land area transacted in 2025, with more than 454 acres changing hands for various residential developments, including villas and plotted developments, as well as commercial and warehousing developments.

Pune saw 18 separate deals closed, totalling 308.49 acres, proposed for residential, mixed-use, township, retail, and industrial and logistics park developments, the report said.

ABOUT THE AUTHOR
Souptik Datta
Souptik Datta is a deputy chief content producer at Hindustan Times Digital, where he reports on southern India with a focus on real estate, urban infrastructure and environmental urban issues. His coverage tracks the intersection of policy, capital flows, regulation and sustainability, examining how these forces shape housing markets, commercial real estate and large-scale infrastructure development across rapidly transforming cities. He also closely tracks civic issues affecting urban residents, including property taxation, planning approvals, public transport expansion, water stress, waste management and the governance challenges that influence everyday life in India’s metros. Souptik’s reporting is driven by a strong interest in accountability, consumer rights and the lived realities of homebuyers and investors navigating volatile pricing cycles, regulatory changes and project delivery risks. He frequently analyses project launches, land monetisation strategies, planning frameworks, RERA-related developments and the broader implications of infrastructure investments on emerging growth corridors. His work blends on-ground reporting with data-backed analysis and long-form explainers aimed at demystifying complex real estate and infrastructure developments for readers. He is an alumnus of the Indian Institute of Journalism and New Media. Before joining Hindustan Times Digital, Souptik was associated with Moneycontrol at Network 18, where he covered real estate, infrastructure and allied sectors, producing market insights, policy-led stories and in-depth features. Outside the newsroom, Souptik is an avid solo traveller and documentary enthusiast, exploring diverse regions and visually documenting unique narratives through film and photography. In his early career, Souptik also freelanced as a documentary photographer, independently working on visual storytelling projects that captured grassroots narratives, urban change and everyday life. He can be reached at souptik.datta@htdigital.in.Read More

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