Kohinoor Group buys 32-acre land in Pune's Wagholi for over Rs 200 crore

Realty developer Kohinoor Group has acquired a 32-acre land parcel in Wagholi locality of Pune from Goel Ganga Group for over Rs 200 crore, said persons with direct knowledge of the development.

The land parcel has a total development potential of around 5 million sq ft saleable area and the buyer is likely to develop a residential-cum-commercial project here.

As part of the total development, Kohinoor Group is planning to build an Information Technology (IT) park on 13 acres with around 2 million sq ft leasable space. The company may consider entering into an alliance for development of this IT park.

“We will be funding this acquisition through internal accruals,” Vineet Goyal, joint managing director, Kohinoor Group, told ET. He confirmed the transaction, however, declined to comment on the exact consideration or deal size.

In addition to an IT park, Kohinoor Group is looking to develop a residential project on around 15 acres of this land, while an international school campus will be set up on four acres. The residential development will be around 3 million sq ft and is likely to be launched in the June quarter as the company has already secured all requisite permissions for the proposed residential development.

“Residential development in Pune is on a sustained upswing, driven by the increased demand for ownership homes amid the new pandemic realities,” said Shobhit Agarwal, MD & CEO, Anarock Capital that has facilitated the transaction between both the developers.

Wagholi, located along the Pune-Ahmednagar highway, benefits from multiple growth drivers. It draws direct spill-over demand from other major residential and commercial hubs like Kharadi, Hadapsar, Magarpatta city, Koregaon Park, and the nearby industrial zones of Ranjangaon and Shikrapur. The highest demand in this area, patronized by IT professionals and industrial employees, is for mid-range and premium housing options.

According to Agarwal, Wagholi is a veritable housing demand magnet, with around 29,400 units launched here since 2013 till date. Land prices in this region range between Rs 1,800 -2000 per sq ft. Most residential projects here have been a blend of mid-size with 200-500 units and large projects with over 500 units so far.

Pune-based Kohinoor Group is primarily engaged in real estate, development of industrial parks, student housing and construction technology. The group has so far developed over 6.5 million sq ft and has over 3 million sq ft spaces currently under development. It also has diversified interests in other verticals like manufacturing, logistics and services.