Hiranandani Group has officially marked its entry into Pune’s real estate sector by securing its first-ever joint development agreement of 105 acres with the well-known Krisala Developers.
Located in North Hinjewadi, the project will be developed under the Integrated Township Policy, encompassing residential, commercial, and retail spaces, according to a joint statement released on February 20, 2025.
The total investment for the 105-acre land asset is valued at Rs 2,000 crore, with an estimated revenue potential of Rs 7,000 crore, as stated in the announcement.
The initial phase of development will span 30 acres, with a minimum target of delivering 3 million square feet of real estate space.
As part of this joint development, the investment for Phase I is projected at approximately Rs 500 crore, with an anticipated turnover of around Rs 2,100 crore.
The proposed development will feature apartments, villa plots, branded residences, and a range of recreational amenities designed to offer a holistic living experience for homebuyers, the statement noted.
This "strategic joint development" seeks to capitalize on Krisala Developers' strong local expertise while integrating Hiranandani Group’s "extensive brand experience."
"Both organizations are dedicated to seamlessly aligning their vision and expertise, covering every phase from land development and approvals to execution," they stated.
Niranjan Hiranandani, Chairman of Hiranandani Group, highlighted the rapid evolution of India’s real estate landscape, emphasizing that innovation and strategic collaborations are key to achieving exponential growth.
"Mega infrastructure projects are facilitating last-mile connectivity between Mumbai and Pune, further energizing the MMR and Pune real estate markets. This enhanced connectivity caters directly to the aspirations of migrating talent. Pune's real estate sector is thriving due to its booming IT hubs, excellent connectivity, and an influx of skilled professionals. The seamless link between these two major business cities has unlocked unprecedented real estate opportunities," Hiranandani added.
With a legacy spanning over 45 years, the Hiranandani Group is a prominent real estate conglomerate, having delivered nearly 48 million square feet of residential and commercial spaces. The Group has also diversified into emerging asset classes, including Data Centers, Industrial Parks, and Logistics Parks.
Aakash Agarwal, Managing Director of Krisala Developers, stated, "This development will cater to first-time homebuyers, second-home seekers, investors, and NRIs, ensuring inclusivity and comfort across all demographics. The project is distinguished by its strong commitment to sustainability and scientifically driven urban planning. Our partnerships with leading energy and resource institutes are aimed at maintaining an air quality index (AQI) of 40, ensuring a healthier living environment for residents."
Krisala Developers has been active in Pune’s real estate sector for over 13 years, completing more than 2.3 million square feet of residential and commercial construction.
For more updates on this and similar developments, stay tuned to Hiranandani news.
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