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Mumbai-based real estate developer Macrotech Developers, known as Lodha Group, has expanded its footprint in Pune with the acquisition of a 2.82-acre land parcel in Hinjewadi, an IT hub that offers proximity to the Mumbai-Pune Expressway. The transaction, valued at ₹110 crore, was registered on October 14, as per property registration documents sourced from CRE Matrix. The sellers include Pune’s Paranjape Schemes Construction Limited and other parties.
Details of the acquisition
The Hinjewadi land parcel is strategically located near Pune’s major IT corridor and has direct access to the Mumbai-Pune Expressway, making it a prime spot for residential and commercial development. According to the documents, Lodha Group paid ₹6.64 crore in stamp duty and a registration fee of ₹30,000 for the transaction. Additionally, a portion of the acquired land is designated as a Special Economic Zone (SEZ).
Lodha’s Expansion in Pune
Lodha Group entered Pune’s real estate market with Lodha Belmondo, a project near the Mumbai-Pune Expressway, and recently launched another project in Kharadi. Earlier this year, Lodha announced it would acquire a 100% stake in Pune-based Goel Ganga Ventures India Private Limited (GGVIPL) as part of its Pune expansion strategy.
Market Insights
In Hinjewadi, the current rate for residential apartments is approximately ₹10,000 per square foot, with rents for Grade A office space ranging from ₹50 to ₹60 per square foot, according to local brokers.
Pune Property Registration Trends
The Pune real estate market has experienced a 33% year-over-year decline in property registrations, with 11,056 registrations recorded in September 2024, compared to 16,604 in September 2023. Month-over-month registrations also fell by 17% from August 2024, according to the Maharashtra government’s Department of Registrations and Stamps.
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