Prestige Estates Acquires Prime Land and Development Rights in Pune for Over INR 200 Crore

Kharadi, Pune:

Prestige Estates Projects, through its subsidiary Prestige Exora Business Parks, has successfully acquired its partner’s land parcel and development rights in Pune’s sought-after Kharadi locality. The land, spanning more than 4.5 acres, was purchased for over ₹200 crore. This acquisition marks a significant move by Prestige Estates as part of a joint development agreement initially formed with landowner BU Bhandari M&M Realtors LLP in July 2017. The agreement involved joint development of a larger land parcel.

Amendments to the Joint Development Agreement

Earlier this year, both parties revised certain terms of the original joint development agreement. Following these amendments, the landowner sold and transferred the full land parcel, including all development potential, to Prestige Group. The buyer also completed the registration process by paying over ₹14 crore in stamp duty, according to official documentation.

Prestige Estates Projects’ Capital Raise Plans

In parallel to the land acquisition, Prestige Estates is actively raising up to ₹5,000 crore through the sale of equity shares to institutional investors via a Qualified Institutional Placement (QIP). This capital raise was initiated last week and is expected to conclude within the next few days.

Land Deals Witness a Surge Amid Growing Property Demand

The real estate sector is witnessing a significant uptick in land transactions across major cities, driven by increasing demand for residential, commercial, and industrial properties. Key factors fueling this growth include rapid urbanisation, strong economic development, and the expanding middle class with rising disposable incomes. As major infrastructure projects progress, developers are keen to secure land parcels to meet the surging demand, highlighting the optimistic outlook shared by both investors and developers on the long-term potential of the sector.

Disclaimer: This information is based on the latest available news and public sources. All details are subject to change based on new updates and official statements.