Gera Developments owns a 12.5-acre property area in Pune with a revenue potential of Rs2,000 crore
- ByStartupStory | January 18, 2023
In one of the biggest land deals in the city, real estate company Gera Developments purchased a 12.5 acre tract of property in Wagholi, Pune, with a 2.5 million square foot overall development potential.
The construction is consistent with a number of sizable land parcel purchases made in the Kharadi-Wagholi region by renowned developers, including both local and international players.
The parties did not disclose the identity of the land’s seller, and the project’s potential revenue is thought to be in the neighborhood of Rs 2,000 crore.
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The deal was facilitated by real estate consultants Anarock. The transaction’s price was not disclosed by the parties, but sources familiar with the negotiations put it at over Rs 300 crore.
“We congratulate Gera Developments for this strategic acquisition, which will help the firm to strengthen its leadership position in the Pune market. The land has been earmarked for the development of a themed residential project under Gera’s highly successful Child Centric Homes banner,” said Mohammad Aslam, President of Anarock Capital.
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