Joint Venture for a 105-Acre Integrated Project
On February 20, Mumbai-based Hiranandani Developers announced a joint venture with Pune’s Krisala Developers to develop a 105-acre integrated township valued at ₹7,000 crore. The large-scale project will include luxury villas, villa plots, branded residences, apartments, and modern recreational facilities.
First Phase Launch and Investments
The initial phase will cover 30 acres with a projected topline of ₹2,100 crore. According to the company, Phase I alone has the potential to deliver 2 million square feet of real estate space. The investment for this phase is estimated at approximately ₹500 crore.
Colliers India, acting as the transaction advisor, facilitated the deal between Hiranandani Group and Krisala Developers.
Township Policy and Development Plans
Planned in North Hinjewadi under the integrated township policy, the project will feature residential, commercial, and retail spaces. Over the next 10 years, the joint venture aims to complete the full 105-acre township, with an overall investment of ₹2,000 crore and a revenue potential of nearly ₹7,000 crore.
As per the agreement, both developers will hold equal equity stakes in the project. RERA approvals are underway, and the official launch is expected within the next three to four months.
Leveraging Strengths and Local Expertise
“This collaboration combines the strong regional expertise of Krisala Developers with the brand strength and extensive experience of the Hiranandani Group,” the company stated. Both partners emphasized a smooth integration of vision and execution across land development, regulatory approvals, and delivery.
Market Insights and Future Plans
Commenting on the development, Niranjan Hiranandani, Chairman of the Hiranandani Group, highlighted the role of mega infrastructure projects in strengthening connectivity between Mumbai and Pune. “This improved last-mile connectivity is fueling real estate demand, meeting the aspirations of migrating talent. Pune’s market is thriving with IT hubs, strong infrastructure, and an inflow of skilled professionals,” he said.
He further added that innovation and strategic collaborations will drive the exponential growth of Indian real estate. Hiranandani also confirmed that the group will soon announce another project in Alibaug, where it owns 250 acres of land. This adds to the company’s expanding portfolio, including the much-anticipated Hiranandani township in Alibaug.
Krisala’s Perspective
Aakash Agarwal, Managing Director of Krisala Developers, explained that the new township is designed to cater to diverse buyers from first-time homeowners and second-home seekers to investors and NRIs. He also noted that partnerships with leading energy and resource institutes will help maintain an Air Quality Index (AQI) of 40, ensuring a healthier lifestyle for residents.
Entry into Mumbai Market
Alongside the joint venture, Krisala Developers announced its entry into Mumbai’s real estate market through the redevelopment segment, marking a significant step in its expansion strategy.
Industry Recognition
Piyush Gupta, Managing Director of Capital Markets & Investment Services at Colliers India, expressed confidence in the project: “This mixed-use township will become a landmark for Pune, driven by the strong reputation and credibility of both developers. Our Capital Markets team leveraged deep market knowledge and expertise in structuring complex deals to create value for all stakeholders.”
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