Godrej Properties acquires 12-acre land parcel in Mundhwa-East, Pune

Godrej Properties said that it has acquired a 12-acre land parcel in Mundhwa-East, Pune on an outright basis to primarily develop it for a premium group housing project.

According to the Indian real estate development company, the location of the land is in one of the most centrally-located residential areas in Pune. The site has established social and physical infrastructure and provides excellent connectivity to all important social and commercial hubs of Pune city said Godrej Properties.

Furthermore, the land is also near upmarket Koregaon Park.

Godrej Properties estimates the premium group housing project in Mundhwa-East, Pune to have a developable potential of around 2.2 million square feet with a projected revenue potential of nearly INR 2,000 crores.

Mohit Malhotra — Godrej Properties MD and CEO said: “Mundhwa is an important micromarket in Pune and we are happy to add this land parcel to our portfolio. This will further expand our presence in Pune and fits with our strategy of deepening our presence in established micro markets across India’s leading cities.”