Pune/Mumbai (Maharashtra) [India], February 20 : Hiranandani Group has made its much-awaited foray into the Pune real estate market by inking its first-ever joint development deal of 105 acres with renowned Krisala Developers.
The project is located at North Hinjewadi, and will be developed under Integrated township policy, comprising of residential, commercial, and retail development, a joint statement said Thursday.
The total investment for the land assets of 105 acres, is valued at Rs 2,000 crores with an estimated revenue potential of Rs 7,000 crores, the statement asserted.
The joint development currently launches Phase I development spanned across 30 acres of land with a minimum potential of delivering 3 million square feet of real estate spaces.
As part of the joint development deal, the investment in phase 1 development is estimated at approximately Rs 500 crore, with a projected turnover pegged at approximately Rs 2,100 crore.
The proposed development comprises apartments, villa plots, branded residences, and recreational amenities to enhance homebuyers' holistic living experience, the joint statement said.
This "strategic joint development" aims to leverage the strong local expertise of Krisala Developers and the "extensive brand experience" of the Hiranandani Group.
"Both organizations are committed to a seamless integration of vision and expertise, covering every aspect from land development and approvals to execution," they said.
Niranjan Hiranandani, Chairman, of Hiranandani Group said the Indian real estate landscape is evolving rapidly, and it's clear that innovation and strategic collaboration are essential to achieving exponential growth.
"Mega infrastructure projects are establishing crucial last-mile connectivity between Mumbai and Pune, invigorating the dynamic MMR and Pune real estate markets. This connectivity directly addresses the aspirational living demands of migrating talent. Pune's real estate sector is experiencing robust growth, propelled by its booming IT hubs, outstanding connectivity, and an influx of skilled professionals. The seamless connection between these two major business cities has opened unprecedented opportunities for real estate development," Niranjan Hiranandani added.
Founded over 45 years ago, the Hiranandani Group is a big real estate conglomerate. The Group has delivered nearly 48 million square feet of residential and commercial space. It also forayed into emerging asset classes such as Data Centres, Industrial parks, and Logistics parks.
Aakash Agarwal, Managing Director of Krisala Developers said, "The development will cater to first-time homebuyers, second-home seekers, investors, and NRIs, ensuring inclusivity and comfort for all demographics. This project differentiates itself through a steadfast commitment to sustainability and scientifically driven urban planning. Our collaborations with renowned energy and resource institutes aim to maintain an air quality index (AQI) of 40, ensuring a healthier living environment for residents."
Krisala Developers has been in real estate for over 13 years in Pune. It has completed over 2.3 million sq. ft. of construction through various residential and commercial projects.