Macrotech Developers buys a 2.82-acre land parcel for ₹110 crore in Pune from Paranjape Schemes

The land parcel bought by Lodha Group is located in Hinjewadi, Pune’s information technology hub and enjoys easy access to the Mumbai-Pune Expressway

Mumbai-based listed real estate developer Macrotech Developers, also known as Lodha Group, has purchased a 2.82 acres land parcel in Hinjewadi area of Pune for ₹110 crore, according to property registration documents accessed by CRE Matrix.

Mumbai-based listed real estate developer Macrotech Developers, also known as Lodha, has purchased a 2.82 acres land parcel in Hinjewadi. (Picture for representational purposes only)(Mehul R Thakkar/HT)

The transaction was registered on October 14. The sellers include Pune-based real estate developer Paranjape Schemes Construction Limited and others.

Lodha entered the Pune real estate market with its first project named Lodha Belmondo near Mumbai Pune Expressway. The company had also launched a project in Kharadi last year. In January 2024, Lodha had announced finalising agreements for the acquisition of a 100% stake in Pune-based Goel Ganga Ventures India Private Limited (GGVIPL).

The recently acquired land parcel in Hinjewadi micro market is located on the tip of Pune and is an information technology hub. The locality also enjoys access to Mumbai-Pune Expressway.

Lodha paid a stamp duty of ₹6.64 crore and a registration fee of ₹30,000 on the transaction, according to the documents. A certain portion of the land is notified as a special economic zone (SEZ), the documents show.

The per sq ft rate of apartments in Hinjewadi is around ₹10,000 per sq ft and rent for Grade A office space in Hinjewadi is around ₹50 to ₹60 per sq ft, according to local brokers.

An email query has been sent to Macrotech Developers and Paranjape Schemes Construction Limited.

Over 100 land deals spanning approximately 1,700 acres were closed across six major cities in India between January-September 2024 , according a report released by property consultancy CBRE.

Pune real estate market

Pune real estate market reported a 33% year-on-year (YoY) decline in property registrations that stood at 11,056 in September 2024 compared to 16,604 in September 2023.

The month-on-month property registrations fell by 17% from 13,397 in August 2024, according to data collated by the Maharashtra government’s Department of Registrations and Stamps – the Inspector General of Registration and Controller of Stamp (IGR).

Meanwhile, Abhishek Lodha, Managing Director and CEO of listed real estate firm Macrotech Developers, had said recently that the company has concluded its pilot phase in Bengaluru and is targeting a market share of 15% in the IT city by end of decade.

The company’s pilot phase in "Bengaluru has been concluded successfully. As you are aware, when we entered Bengaluru in mid-2021, we had mentioned that we would be in pilot phase for 2-3 years during which, we will focus on building a strong local operating team, understanding local operating nuances and making sure that we can showcase our delivery to consumers," Lodha had said during the Q2FY25 earnings call.