Hiranandani Group enters Pune market with Rs 7,000 crore JV project

The company will develop a 105-acre integrated township in Hinjewadi, Pune

Mumbai-based Hiranandani Group on Thursday announced its entry into the Pune market with a joint development project, which the firm said has an estimated revenue potential of ₹7,000 crore.

 

The total investment for the land asset of 105 acres, is valued at Rs 2,000 crore.

 

The company will develop a 105-acre integrated township in North Hinjewadi, Pune, in collaboration with Krisala Developers, using a 50:50 revenue-sharing model. The project will be developed under the integrated township policy, which includes residential, commercial, and retail developments.

 

As part of the deal, the investment in the first phase of the development is estimated at approximately Rs 500 crore with a projected turnover pegged at approximately Rs 2,100 crore. The first phase spans an area of 30 acres with a minimum potential of delivering 3 million square feet (msf) of real estate spaces.

 

 

The land asset is owned by the Hiranandani Group and initially, it was planning to sell it. However, the company opted for a joint venture and the deal was facilitated by Colliers India, a professional services company specialising in commercial real estate services, engineering consultancy and investment management.

 

The proposed development comprises apartments, villa plots, branded residences, and recreational amenities.

 

Dr Niranjan Hiranandani, chairman of Hiranandani Group, said, “Mega infrastructure projects are establishing crucial last-mile connectivity between Mumbai and Pune, invigorating the dynamic Mumbai metropolitan region (MMR) and Pune real estate markets. This connectivity directly addresses the aspirational living demands of migrating talent. Pune’s real estate sector is experiencing robust growth, propelled by its booming IT hubs, outstanding connectivity, and an influx of skilled professionals. The seamless connection between these two major business cities has opened unprecedented opportunities for real estate development.”

 

According to Anarock Research, in 2024, housing sales in Pune dropped by 6 per cent, to 81,090 units. The city sold the second-most number of units among the top seven Indian cities.

 

The company stated that it is open to exploring Pune Market with feasible opportunities to expand and collaborate, in future.