Poddar Housing and Development, the renowned developer of Pune city has agreed to buy 102.5 acres land in Pune to structure an affordable housing project. According to the company in a filing to BSE, the subsidiary Poddar Habitat Pvt Ltd has “executed an agreement to acquire a land measuring approx 102.5 acres” at Chakan, Pune from Autoline Industrial Parks Ltd.
The land will be provided along with multiple infrastructure amenities on deferred payment terms, the company said and the Autoline Industrial Parks is a child company of Autoline Industries Ltd.
According to the filing, “The company is proposing to build a residential affordable housing project at the same, having a potential development of more than 8 million sq. ft. over a period of 8-10 years.”
The company will head towards expansion through its geographical presence in Tier-II cities along with a strong presence in Mumbai, the capital of Maharashtra state.
Pune’s Chakan locality will have smart infrastructure as the place will share a short distance from Talegaon which is one of the smart areas of the Pune city. In fact, the close proximity of this place with Talegaon will boost the residential sector as the professionals working in the IT Parks and other nearby area will prefer owning a home in this locality.