Realty developer Prestige Estates Projects’ subsidiary Prestige Exora Business Parks has bought out its partner’s development rights, and land parcel spread over more than 4.5 acres in Pune’s Kharadi locality for over Rs 200 crores.
The Prestige Group entity had entered into a joint development agreement with the landowner B U Bhandari M&M Realtors LLP through a pact inked in July 2017. Both had agreed to jointly develop the plot out of a larger land parcel.
In March, both the entities amended certain terms and conditions of the joint development agreement. In furtherance to the joint development pact and supplementary agreement, the landowner has now sold and transferred the land along with entire development potential to the Prestige Group company.
The buyer has paid stamp duty worth over Rs 14 crore for the registration of the deal, showed documents accessed through CRE Matrix.
ET’s separate email queries to Prestige Group and B U Bhandari M&M Realtors LLP remained unanswered.
Prestige Estates Projects is currently in the process of raising up to Rs 5,000 crore by selling equity shares to institutional investors through private placement. The company launched its Qualified Institutional Placement (QIP) issue last week and is expected to be concluded this week.
The number of land deals are witnessing a significant rise across key cities driven by a robust demand for properties across various sectors. The real estate market’s growth trajectory is fuelled by factors such as urbanisation, economic development, and a growing middle class with rising disposable incomes.
As infrastructure projects are taking off, the demand for residential, commercial, and industrial properties has surged, prompting developers to secure land parcels to meet this rising need. This heightened activity in the land market reflects the optimism and confidence among investors and developers in the long-term prospects of India’s real estate sector.
