JLL facilitates sale of prime land parcel in Pune to Singapore based developer Mapletree for Rs 170 crore
Located in Kharadi, the IT hub of Pune, the land will be used to develop over a million sq ft of world class office space
Mumbai, : JLL India, the country’s largest real estate consultancy and professional services firm, has once again facilitated one of the largest land transactions in Pune, bucking the overall challenging scenario being witnessed in the real estate market, the company said in statement . The new owners, Mapletree, a Singapore-based leading real estate development, investment, capital and property management company, bought the land parcel at Rs 170 crore from Ajanta Enterprises, an SPV held 50% by Vascon Engineers Ltd, (BSE: 533156 | NSE: VASCONEQ | ISIN: INE893I01013), a real estate construction company.
The land parcel of approximately 8-acres is located within the Kharadi micromarket of Pune. With this acquisition, Mapletree has entered in one of the most vibrant office markets of the country. With an estimated project cost of Rs 800 crore, it plans to develop over a million sq ft of commercial space on the land.
The mandate to sell the land parcel for Ajanta Enterprises included offering end-to-end consulting services as well as managing the entire transaction for both the parties. JLL’s capital markets team facilitated the transaction to monetize the land parcel in a swift and efficient manner.
Commenting on the development, Sanjay Bajaj - Managing Director, Pune & Oversight – West India, Land & Industrial at JLL India said, “Our work on the transaction is an evidence of our active role in shaping the city’s real estate landscape. The transaction also proves that we are the best in the business when it comes to managing multiple mandates from our clients across asset classes.”
“The deal in particular is important for Pune’s real estate market, as it offers the region to develop and grow its commercial footprint at the national level.”
Located close to Pune Airport, Kharadi micro market is now the go-to location for IT/ITeS occupiers in East Pune in addition to other marquee occupiers from core industry segments. Over the last few years, it has become the hub for numerous BFSI occupiers who have acquired space and have up their presence here. Kharadi has a well-established support infrastructure, including numerous residential options across various price points, along with world-class healthcare, hospitality and retail infrastructure within close vicinity.
In addition to a planned grid-like road development connecting the micro-market seamlessly, there are other infrastructure initiatives which will extend the access and connectivity to this location.
This micro-market has some prominent projects including Gera Commerzone, World Trade Center, EON Freezone SEZ, to name a few. Many large national and international developers are actively establishing themselves in this micromarket including Panchshil, K Raheja Corp, Prestige, to name a few.
Along with Hyderabad and Bengaluru, Pune has emerged as the favoured city among the IT/ITES companies. The city, according to JLL, has witnessed over 6 million sq ft of leasing activity in 2019.