Realty firm Gera Developments has acquired a 12.5-acre land in Pune and will invest about Rs 1,400 crore to develop a residential project.
Real estate consultant Anarock facilitated this land deal.
"We have bought 12.5 acre land at Wagholi in East Pune from another developer. The total development potential is 25 lakh square feet," Gera Developments MD Rohit Gera told PTI.
The company will launch a child-centric residential project on this plot in May-June this year in a price range between Rs 75 lakh and Rs 1.2 crore.
Asked about the project cost, Gera said it would be around Rs 1,400 crore, including land and construction cost.
The company would fund the project cost through equity, debt and customers' advance against sales.
Gera Developments, one of the leading real estate firms in Maharashtra, is currently developing 2.8 million square feet, of which 2 million square feet is housing and 8,00,000 square feet commercial.
Anarock Capital, the capital markets advisory and transactions arm of Anarock, facilitated the deal.
Mohammed Aslam, President of Anarock Capital, said the land has been earmarked for the development of a themed residential project.
Anarock said that Wagholi has been witnessing considerable spill-over demand from major IT hubs like Kharadi, Hadapsar, Magarpatta City, Koregaon Park, and nearby industrial zones of Ranjangaon and Shikrapur.
Gera Developments has tied up with celebrities such as Rohit Sharma, Mahesh Bhupathi, Pullela Gopichand, Bhaichung Bhutia, Shankar Mahadevan, and Shiamak Davar to set up learning academies within their child-centric homes projects.