Hiranandani Group has tied up with Krisala Developers to build a 105-acre township in Pune with an estimated revenue of Rs 7,000 crore. In a statement on Thursday, Niranjan Hiranandani-led Hiranandani Group announced its foray into Pune real estate market. The Group has entered into the first-ever joint development deal of 105 acres with local builder Krisala Developers. The land is owned by Hiranandani Group.

Real estate consultant Colliers India facilitated this joint development land deal.

The project is located at North Hinjewadi, and will be developed under integrated township policy, comprising residential, commercial and retail development.

“The total investment for land asset of 105 acres, values at Rs 2,000 crores with estimated revenue potential of Rs 7000 crore,” it said.

In the first phase, the two partners will develop 30 lakh square feet area across 30 acres of land. As part of a joint development deal, the investment in phase 1 development is estimated at about Rs 500 crore, with a projected turnover pegged at around Rs 2,100 crore. The proposed development comprises apartments, villa plots, and branded residences. This strategic joint development aims to leverage the strong local expertise of Krisala Developers and the extensive brand experience of the Hiranandani Group.

Niranjan Hiranandani, Chairman, Hiranandani Group, said, “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, he added.

Mumbai-based Hiranandani Group is one of the major real estate developers in the country. The group has presence in housing, commercial segments. It has forayed into emerging asset classes such as data centres, industrial parks and logistics parks.

Krisala Developers has completed over 23 lakh sq ft of construction through various residential and commercial projects.