In order to expand its reach in the Pune’s realty market, leading developer Gera Developments has brought a massive 22 acre land in Wagholi, Pune for Rs 180 crores. The land has been brought from promoters of Goel Ganga Group. It is also revealed that the group is also in talks with HDFC capital Advisors to invest around 100 crores in the project.
The land deal has been recently concluded. While HDFC is supposed to provide financial support to the project, the overall development and construction will be looked upon by the Gera. Sources from the company said that this will be the first time; they are associating themselves with a mortgage lender like HDFC.
The land parcel will be used to develop a residential complex in multiple phases over the next 4 years. Also, the project will be developed as the group’s second children-centric project after the overwhelming response from their first such project in Kharadi, Pune.
The total development potential of the 22-acre land is 1.5 million sq ft. The properties will be available between the price ranges of Rs 6,000-Rs 6,500 per sq ft. It is expected that the development will help the company to generate a revenue of Rs 1000 crore.
The USP of the project is its proximity to the Information Technology Special Economic Zone in Kharadi. The special economic zone is being developed with the help of K Raheja Corp. Due to this; the company is expecting a major footfall of working-class homebuyers for their project.
Established in 1970, Gera Developments is a well-established real estate developer spread over cities like Bangalore, Goa, and Pune. The group has developed close to 6 million sq.ft. of development in various categories like residential, commercial, SEZ and much more. The company is also known for the development of India’s first ChildCentricTM project as well as the first intelligent building and first Shopping mall in Pune city.