Macrotech Developers, commonly known as Lodha Group, has acquired a 2.82-acre land parcel in Hinjewadi for ₹110 crore. This significant purchase, recorded on 14 October, marks Lodha’s continued commitment to Pune, an emerging real estate destination, and especially its IT hub. The property, purchased from Paranjape Schemes Construction Limited and other sellers, is located at a prime site in Hinjewadi, with easy access to the Mumbai-Pune Expressway, enhancing its appeal for residential and commercial projects.
Hinjewadi, often referred to as Pune’s IT nucleus, is recognised for its rapid infrastructure development and proximity to major expressways, which have made it a sought-after location for both investors and homebuyers. According to local brokers, the current residential rate in Hinjewadi stands at around ₹10,000 per sq ft, while rent for Grade A office space ranges between ₹50 and ₹60 per sq ft, underscoring its strong investment potential. As part of the transaction, Lodha Group paid a stamp duty of ₹6.64 crore and a registration fee of ₹30,000, reflecting the high-value nature of the acquisition. Notably, a portion of the land is classified as a special economic zone (SEZ), offering potential advantages for businesses looking to capitalise on tax incentives and attract talent in the IT sector.
The acquisition is Lodha Group’s latest step in strengthening its portfolio in Pune. The company’s earlier projects in Pune include the Lodha Belmondo near the Mumbai-Pune Expressway and a premium residential project in Kharadi. Additionally, in January 2024, Lodha finalised an agreement to acquire a 100% stake in Goel Ganga Ventures India Private Limited (GGVIPL), solidifying its influence in Pune’s competitive market. This purchase aligns with Lodha’s ongoing strategy to establish a strong presence in key Indian cities. Abhishek Lodha, Managing Director and CEO of Macrotech Developers, recently discussed the company’s successful pilot phase in Bengaluru, expressing confidence in capturing a 15% market share by the end of the decade. Lodha’s approach focuses on building local teams and delivering quality projects tailored to local market needs.
Recent data from the Maharashtra government’s Department of Registrations and Stamps shows a challenging trend in Pune’s real estate market, with a 33% year-on-year decline in property registrations in September 2024. This dip, from 16,604 registrations in September 2023 to 11,056 in September 2024, signals a shift in demand. Nonetheless, Lodha’s investment reflects a long-term view of Pune’s growth potential, especially in high-demand zones like Hinjewadi. With this acquisition, Lodha Group not only reinforces its foothold in Pune but also positions itself to cater to a growing demand for integrated residential and commercial spaces within the city’s most strategic location.