Sudarshan Chemical industries, a global supplier of high-end pigments, has sold its 5.76 acre plot in Pune to Birla Estates Private Limited, the real estate arm of the Aditya Birla group. The deal was concluded on 6th April.
In a statement, Birla Estates said the revenue potential of the plot is around Rs 2,500 crore, with a construction potential of about 1.5 million sq ft. The land parcel is located on Wellesley Road in Pune’s Sangamwadi area.
Advisors to the transaction included Anarock Property Consultants and Crawford Bayley & Co, a leading law firm.
Birla Estates plans to develop a premium residential project with curated amenities, setting a new benchmark in contemporary living.
"With this foray into Pune, Birla Estates is embarking on an exciting new phase after establishing itself in the MMR (Mumbai Metropolitan Region), Bengaluru, and NCR (National Capital Region) markets. Pune is one of the country’s largest residential markets and this land with a high revenue potential is located at the heart of the city," said K T Jithendran, MD and CEO, Birla Estates.
He added, "We aim to create an urban ecosystem that enhances the quality of life. The Pune foray is key to our growth strategy and our ambition of being among the top developers in the country.”
The acquisition comes at a time when Pune’s real estate market is breaking all records, with high-end housing stealing the show. Housing sales data shared by Anarock shows that of a total of 1.14 lakh units sold across the top seven cities in Q1 22-23, approximately 24 percent belonged to the big-ticket segment priced at Rs 1.5 crore and more.
MMR and Pune accounted for a massive 48 percent of the overall sales in the quarter, with Pune recording an annual sales increase of 42 percent, according to Anarock.
“We are glad to have been able to monetise our unutilised land. The proceeds from the sale will be used to strengthen our balance sheet," said Rajesh Rathi, Managing Director, Sudarshan Chemical Industries.
"This is a significant land deal which once again underscores Pune's importance as a preferred residential destination. Only recently, Anarock has concluded another transaction for 12.5 acres in Pune’s Wagholi. Driven by the demand for high quality real estate in the city, leading developers have been on a land acquisition spree," said Anuj Puri, Chairman, Anarock.