The transaction marks the entry of Mapletree into Pune office market. With an estimated project cost of INR 1,000 crores, it plans to develop over a million sq ft of world class office space
Mumbai, 26 December 2019: JLL India, the country’s largest real estate consultancy and professional services firm, has facilitated the entry of Mapletree, a Singapore-based real estate developer, in Pune through a mega land deal in the city. Mapletree has acquired a prime 8 acre land parcel for INR 170 crore from Ajanta Enterprise, an SPV held 50% by Vascon Engineers Ltd, a real estate construction company.
The new owner, Mapletree plans to develop over a million sq ft of world class office space with an estimated project cost of INR 1,000 crores. As at 31 March 2019, globally, Mapletree owns and manages S$55.7 billion of office, retail, logistics, industrial, residential and lodging properties, this is Mapletree’s first land deal for development outside of Bengaluru.
JLL’s mandate to sell the land parcel included offering end-to-end consulting services as well as managing the entire transaction for both the parties. The capital markets team at JLL facilitated the transaction.
Commenting on the development, Sanjay Bajaj – Managing Director, Pune & Oversight – West India, Land & Industrial at JLL said, “Our work on the transaction is an evidence of our active role in shaping the city’s real estate landscape. The transaction also proves that we are the best in the business when it comes to managing multiple mandates from our clients across asset classes.”
“The deal in particular is important for Pune’s real estate market, as it offers the region to develop and grow its commercial footprint at the national level. In the past, we have facilitated developers like Kalpataru, Lodha Developers, K Raheja Corp, Prestige, Godrej Properties, Puravankara and many more for their land deals in Pune.”
Located close to Pune Airport, the sale of the land in Kharadi will prove to be a big boost to the micro market and to the city’s real estate. Kharadi is now the go-to location for IT/ITeS occupiers in East Pune in addition to other marquee occupiers from core industry segments. Over the last few years, it has become the hub for numerous BFSI occupiers who have acquired space and have up their presence here. Kharadi has a well-established support infrastructure, including numerous residential options across various price points, along with world-class healthcare, hospitality and retail infrastructure within close vicinity.
In addition to a planned grid-like road development connecting the micro-market seamlessly, there are other infrastructure initiatives which will extend the access and connectivity to this location.
Along with Hyderabad and Bengaluru, Pune has emerged as the favoured city among the IT/ITES companies. The city, according to JLL, has witnessed over 6 million sq ft of leasing activity in 2019.