Pune real estate: Kolte Patil Developers acquires 7.5-acre land parcel in Bhugaon with ₹1,400 crore potential

Pune real estate update: Kolte Patil Developers said the land parcel in Bhugaon, (near Pune), has an estimated saleable potential of 1.9 million sq ft

Pune-based listed real estate developer, Kolte Patil, announced on October 10 that it has acquired a 7.5-acre land parcel in Bhugaon, near Pune, with a Gross Development Value (GDV) of ₹1,400 crore.

Pune-based listed real estate developer, Kolte Patil, announced on October 10 that it has acquired a 7.5-acre land parcel in Bhugaon, near Pune. (Picture for representational purposes only) (Reuters/File)

According to the company, the land parcel has an estimated saleable area of 1.9 million sq ft.

The company, in a statement, said Bhugaon, Pune, is emerging as a desirable residential destination, with a blend of natural surroundings and excellent urban connectivity.

"This land parcel is surrounded by localities like Bavdhan and Kothrud, adjacent to the Mumbai-Pune Expressway and close to the Shivaji Nagar Railway station," the company said in the statement.

The company said that major employment hubs are located nearby, making it an attractive choice for homebuyers.

"Foraying into a new high-potential micro-market through the outright acquisition of this strategically located land in Bhugaon strengthens our presence in Pune. With growing demand accelerated by improving infrastructure and rising end-user interest, our presence in Bhugaon aligns with our strategy of delivering well-planned, value-driven developments," said Rajesh Patil, Managing Director, Kolte-Patil Developers Limited.

"Backed by our deep understanding of evolving lifestyles and a legacy of over three decades, this addition reinforces our commitment to creating thoughtful communities that enable a better quality of life," Patil said.

According to the company, the project is conveniently located near social infrastructure, including schools, hospitals, shopping malls, and entertainment hubs, which enhances the attractiveness of the micro-market.