Prestige City Kharadi: Overview
Prestige City Kharadi marks Prestige Group's entry into Pune's residential market, planned on a prime land parcel in the heart of the city's largest IT corridor. 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, with Pune-based BU Bhandari M&M Realtors LLP selling the parcel on April 16, 2024. The stamp duty paid for the transaction was over ₹14 crore, and the purchaser paid ₹198 crore to the seller by demand draft.
While the site was originally earmarked for commercial development, Prestige Group plans to launch its first residential project in Pune here, with a projected revenue potential of ₹750 crore to ₹1,000 crore signalling the scale of the opportunity. This positions Prestige City Kharadi as one of the most closely watched upcoming launches in East Pune, backed by a developer known for landmark townships such as The Prestige City in Bengaluru and Prestige City Mulund in Mumbai.
The project sits within touching distance of Kharadi's biggest employment engines. Kharadi is home to the EON IT Park, a special economic zone owned by Panchshil and Blackstone, and the World Trade Center Pune, both a short drive from the site. This makes the location naturally attractive to the thousands of IT and corporate professionals working in the immediate vicinity.
As part of Prestige's broader western expansion, the company is sharpening its presence in the Mumbai Metropolitan Region while preparing an entry into Pune, with its West India CEO confirming the company continues to scout opportunities in Pune. Prestige City Kharadi is expected to be developed in phases with residential towers, landscaped open areas and in-house lifestyle amenities, though the detailed masterplan, tower count and RERA registration are yet to be officially released.
