In a significant move, Mumbai-based Niranjan Hiranandani Group has announced its much-awaited foray into the Pune real estate market by inking its first ever joint development deal of 105 acres with Pune’s Krisala Developers. The project located at North Hinjewadi in Pune will be developed as an integrated township (comprising residential, commercial and retail development) in a phased manner. The mega project, having a revenue potential worth Rs7,000 crore, will be implemented with an estimated investment of Rs2,000 crore over a period of 10 years. Colliers India has facilitated the deal between the Hiranandani Group and Krisala Developers.
The joint development is currently launching Phase I of the project spanning across 30 acres of land with minimum development potential of delivering 2 million sq ft of real estate. As part of the 50:50 JV, the investment in Phase I development is estimated at around Rs500 crore, with a projected turnover pegged at around Rs2,100 crore. The proposed development comprises apartments, villa plots, branded residences, and recreational amenities to enhance home buyers’ holistic living experience. The 105 acre of land is a historic land parcel belonging to the Hiranandani Group. RERA approvals for the project are under process and the company expects to launch the same in the next three to four months.
Strong local expertise
As per a company release, this strategic joint development aims to leverage the strong local expertise of Krisala Developers and the extensive brand experience of the Hiranandani Group. Both organisations are committed to a seamless integration of vision and expertise, covering every aspect from land development and approvals to execution, the company said in its statement.
“We have been observing the developments taking place in the Pune market for quite some time now and has now finally taken a call to enter this fast-growing market with our partner Krisala Developers who we believe has got everything that we were looking for. This decade-old developer is run by young enterprising talents, who have got all the necessary ingredients to explore this market in an effective manner. Along with our new partner, we are all geared up to make this JV a big success,” says Niranjan Hiranandani, Chairman, Hiranandani Group, which also is also planning to announce a project in Alibaug near Mumbai, where the company holds 250 acres of land parcel.
“Designed as a self-sustained ecosystem that emphasizes liveability, community well-being, and environmental consciousness, this township aims to offer a home for everyone. The development will cater to first-time homebuyers, second home seekers, investors, and NRIs, ensuring inclusivity and comfort for all demographics. This project differentiates itself through a steadfast commitment to sustainability and scientifically driven urban planning. Our collaborations with renowned energy and resource institutes aim to maintain an air quality index (AQI) of 40, ensuring a healthier living environment for residents,” says Aakash Agarwal, Managing Director, Krisala Developers, which has developed 2.3 million sq ft of properties in Pune in the last 13 years.
The development will cater to first-time homebuyers, second home seekers, investors, and NRIs, ensuring inclusivity and comfort for all demographics
According to Hiranandani, “Mega infrastructure projects are establishing crucial last-mile connectivity between Mumbai and Pune, invigorating the dynamic 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. The Indian real estate landscape is evolving rapidly, and it’s clear that innovation and strategic collaboration are essential to achieving exponential growth.”
Meanwhile, as per CREDAI, Colliers, Liases Foras joint report (Q4 2024), average housing prices across the top eight markets in India witnessed a 10 per cent YoY rise during the last quarter of 2024, led by healthy demand momentum and positive market sentiment. Interestingly, average housing prices have been on a rising spree for the 16th consecutive quarter, starting 2021. Price appreciation was evident in all the eight major cities, with Delhi NCR witnessing the highest rise at 31 per cent YoY growth, followed by Bengaluru at 23 per cent YoY rise during Q4 2024. While the affordable housing segment will continue to form the bulk of housing sales, demand within luxury and ultra-luxury segments can amplify further in 2025.