Pune-based listed real estate developer, Kolte Patil, announced on October 10 that it has acquired a 7.5-acre land parcel in Bhugaon, near Pune, with a Gross Development Value (GDV) of ₹1,400 crore.

Pune-based listed real estate developer, Kolte Patil, announced on October 10 that it has acquired a 7.5-acre land parcel in Bhugaon, near Pune. (Picture for representational purposes only) (Reuters/File)

According to the company, the land parcel has an estimated saleable area of 1.9 million sq ft.

The company, in a statement, said Bhugaon, Pune, is emerging as a desirable residential destination, with a blend of natural surroundings and excellent urban connectivity.

“This land parcel is surrounded by localities like Bavdhan and Kothrud, adjacent to the Mumbai-Pune Expressway and close to the Shivaji Nagar Railway station,” the company said in the statement.

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The company said that major employment hubs are located nearby, making it an attractive choice for homebuyers.

“Foraying into a new high-potential micro-market through the outright acquisition of this strategically located land in Bhugaon strengthens our presence in Pune. With growing demand accelerated by improving infrastructure and rising end-user interest, our presence in Bhugaon aligns with our strategy of delivering well-planned, value-driven developments,” said Rajesh Patil, Managing Director, Kolte-Patil Developers Limited.

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“Backed by our deep understanding of evolving lifestyles and a legacy of over three decades, this addition reinforces our commitment to creating thoughtful communities that enable a better quality of life,” Patil said.

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According to the company, the project is conveniently located near social infrastructure, including schools, hospitals, shopping malls, and entertainment hubs, which enhances the attractiveness of the micro-market.