Mumbai-based real estate developer Godrej Properties plans to develop 300 acres across Pune for which it has entered into an equity investment platform in partnership with a local developer, the company said on February 4.
This portfolio comprises various asset classes including group housing projects, plotted development, mixed use development and township projects, it said.
The total land that will be developed comprises over 300 acres located across the prime markets of west and east Pune. These six projects will offer a total saleable area of over 25 million square feet, scheduled to be developed in multiple phases over the next 10 years, it said.
This is a first of its kind equity platform investment and is in alignment with Godrej Properties’ strategy of deepening its presence across India’s leading real estate markets.“We are excited to add this large portfolio of projects in Pune to our development pipeline. This single partnership will dramatically enhance our presence in the Pune market, cementing our presence across key growth areas within the city. We believe this sets us up well to establish a leadership position in Pune’s residential market and fits perfectly with our strategy of growing our business across the country’s leading real estate markets,” said Pirojsha Godrej, executive chairman, Godrej Properties.