Macrotech Developers, also known as Lodha Group, has bought a 2.82-acre plot in the Hinjewadi area of Pune for 110 million euros. Located in Hinjewadi, the IT centre of Pune, this prime piece of land is close to the Mumbai-Pune Expressway and is ideal for residential and commercial projects.
On 14 October 2024, Lodha completed the transaction against payment of EUR 6.64 million in stamp duty and EUR 30,000 in registration fees. Another big Lodha property deal in Pune. Lodha entered Pune last year with Kharadi projects and acquired a majority stake in Goel Ganga Ventures.
The land was sold by Paranjape Schemes Construction Limited for a Hinjewadi township project. In order to obtain funding from ASK Real Estate Special Opportunities Fund, the related company Paranjape Realty Spaces mortgaged the land. CRE Matrix records show that they obtained a no objection certificate from ASK for the sale to Lodha.
This purchase coincides with the rising demand for land in Pune, Mumbai, Chennai and Bengaluru. Growing cities and local and international investments are fuelling demand for residential, commercial and mixed-use space, which in turn is leading to land deals.
Technology companies are making Hinjewadi a centre for office and residential development. The current price of residential property in the area is estimated by local estate agents to be around ₹10,000 per square foot. Grade A office space for rent costs ₹50-₹60 per square metre and attracts investors.
Developers are increasingly buying high-potential plots like Lodha’s Hinjewadi project for large projects.