Mumbai-based Macrotech Developers buys 2.82 acres of land in Pune for Rs. 110 crore

According to property registration records obtained by CRE Matrix, Mumbai-based listed real estate developer Macrotech Developers, popularly known as Lodha Group, has paid Rs. 110 crore for a 2.82-acre land parcel in Pune's Hinjewadi neighborhood.

On October 14, the transaction was registered. Among the sellers are Paranjape Schemes Construction Limited, a real estate developer based in Pune.

With its initial property, Lodha Belmondo, next to the Mumbai Pune Expressway, Lodha made its debut in the Pune real estate market. Last year, the business also started a project in Kharadi.

Lodha stated in January 2024 that final negotiations were being finalized for the purchase of a 100% share in Goel Ganga Ventures India Private Limited (GGVIPL), a company situated in Pune.

Situated on Pune's tip, the newly purchased land lot at Hinjewadi Micro Market is a center for information technology.

The Mumbai-Pune Expressway is also accessible from the area.

According to the paperwork, Lodha paid a registration fee of Rs. 30,000 and a stamp duty of Rs. 6.64 crore for the transaction. According to the paperwork, a specific area of the land has been designated as a special economic zone (SEZ).

Between January and September 2024, more than 100 land purchases purchased for housing projects totaling around 1,700 acres were finalized in six major Indian cities, according to a report published by real estate firm CBRE.

The company says, "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”.