Realty developer Lodha, listed as Macrotech Developers, has acquired a 2.8-acre land parcel in Pune’s Hinjewadi from another city-based realtor Paranjape Schemes Constructions for nearly Rs 111 crore.
The said plot is part of a larger land parcel of more than 120 acres on which Paranjape Schemes is developing an integrated township.
The land parcel was mortgaged by Paranjape Realty Spaces, a group entity of the seller, to avail a loan from ASK Real Estate Special Opportunities Fund II and III managed by ASK Properties Investment Advisors.
The seller has already secured a no-objection certificate from ASK to sell and convey the land to Macrotech Developers, showed documents accessed through real estate data analytics firm CRE Matrix.
Macrotech Developers has paid stamp duty of Rs 6.64 crore for the registration of the deal that took place on October 14.
ET’s separate email queries to Macrotech Developers and Paranjape Schemes Constructions remained unanswered until the time of going to press.
Land parcel transactions are gaining momentum across India’s major property markets, especially in cities like Mumbai, Pune, Chennai, Hyderabad, and Bengaluru. These deals encompass both outright acquisitions and joint ventures, as developers and investors seek prime sites for new projects.
Several of these transactions have already been finalized, with others in advanced negotiation stages, underscoring robust demand for land in these high-growth urban centers.
This heightened interest is fueled by the rising need for residential, commercial, and mixed-use developments, as these cities expand and draw increased domestic and foreign investments.
