PRESTIGE ACQUIRES 4.57-ACRE KHARADI LAND FOR RS 200 CRORE

Prestige Group has made its move into Pune's real estate market official. Prestige Exora Business Parks, a subsidiary of Bengaluru-based Prestige Estates, has acquired a 4.57-acre land parcel in Pune's tech hub of Kharadi for ₹200 crore, according to property registration documents accessed by CRE Matrix. The deal, one of the more closely watched land transactions in Pune this year, cements Prestige's intent to build a serious footprint in the city beyond its home base of Bengaluru.

According to the registration documents, Pune-based BU Bhandari M&M Realtors LLP sold the 4.57-acre land parcel to Prestige Exora Business Parks on April 16, 2024. The transaction structure has also been detailed publicly: the stamp duty paid for the land transaction was over ₹14 crore, and the purchaser paid ₹198 crore to the seller using a demand draft on April 20, 2024. Once taxes were factored in, the tax deducted at source (TDS) for the deal was over ₹2 crore, bringing the total land purchase cost to over ₹200 crore, which further highlights the substantial value of the acquired land parcel and the growing demand for commercial real estate in Pune.

Why Kharadi? The locality has quietly become one of the most important commercial pockets in eastern Pune. Kharadi, along with Hinjawadi, has become a major tech center in Pune, and many big Indian and foreign tech companies have opened offices in Kharadi's commercial buildings over the past ten years. The area's appeal isn't limited to IT anymore — recently, even manufacturing and financial companies have started setting up their global centers there. It also sits alongside established landmarks: Kharadi is home to the EON IT Park, a special economic zone owned by Panchshil and Blackstone.

Brokers and analysts tracking the deal point to Kharadi's connectivity as a key driver of demand. Kharadi, known for its IT parks, corporate offices, and upscale residential developments, has become a hub for land investments due to its proximity to Pune's IT corridor and excellent connectivity via the Pune-Mumbai Expressway. For context on the immediate neighbourhood, industry write-ups note the site's access advantages: it sits just 8 km from Pune International Airport for hassle-free travel, close to prominent business hubs such as EON IT Park, World Trade Center, and Gera Commerzone, with excellent road connectivity to Koregaon Park, Viman Nagar, and Magarpatta City.

What is Prestige planning to build here? Multiple reports indicate the land is earmarked for a commercial development. The land parcel acquired by Prestige Exora Business Parks is expected to be developed into a premium commercial project, catering to the growing demand for Grade A office spaces in the region. This fits into a much bigger picture for the developer in Pune — this land buy is not a one-off. Prestige Group also plans to launch its first residential project in Pune, with a projected revenue potential of ₹750 crore to ₹1,000 crore indicating significant market potential for residential real estate in the city. That residential ambition is part of an even larger national rollout: Prestige Group has announced plans to develop 43 new projects totaling 92 million square feet across various segments in seven cities: Hyderabad, Delhi-NCR, Goa, Bengaluru, Mumbai, Chennai, and Kochi.

For homebuyers and investors watching Pune, this acquisition is a strong signal. A developer of Prestige's scale entering Kharadi with a ₹200 crore commercial land buy typically precedes fresh residential launches in the surrounding micro-market, as ancillary infrastructure, retail, and workforce demand tend to follow Grade A office development. Pune's broader property market has also been on an upswing, which adds further weight to the timing of this deal. The real estate market of Pune has seen a lot of growth, with an overall 25% increase in the registrations of properties.

For now, Prestige has not released official floor plans or a launch date tied to this specific Kharadi land parcel. Homebuyers interested in Prestige's upcoming Pune footprint should watch for RERA filings and formal project announcements over the coming months, as the group is known for following up commercial land acquisitions with structured project launches within a year or two.