Akruti City enters Pune

Real estate and construction company Akruti City Ltd (formerly Akruti Mirman Ltd) said on Wednesday it intends to expand its activities to Pune and wants to create a presence for itself on the city's real estate scene by constructing residential and commercial buildings, IT parks and Special Economic Zones.

Akruti City Chairman Hemant Shah told reporters the company has begun constructing a special economic zone for information technology sector, in collaboration with another real estate major DLF. This is a 5 million sq ft project at Hinjewdi near Pune the first phase of which is already sold, he informed.

Akruti City has a land bank of about 150 acres in and around Pune and will commission a slew of projects which will be completed over the next three years, Shah said. The total construction will be about 12 million sq ft for which an investment of Rs 1,500 crore has been planned, he added.

Shah said the company has a strong record in the slum redevelopment area and will look for opportunities in this space in Pune as well.

Akruti City is now considering entering high-growth markets like Bangalore, Delhi, Gurgaon and Gujarat. Shah said land acquisition in these markets is being actively pursued and some announcements are expected in near future.