Kalpataru group to invest Rs 250 crore to build housing project in Pune
New Delhi: Property company Kalpataru Ltd will invest Rs 250 crore to develop a premium housing project in Pune as part of its expansion plan. The Mumbai-based company said in a statement on Wednesday that it has launched its “Kalpataru Aurum” premium residential project in Baner Pune.
The project is spread over 2.33 acres and includes approximately 450 apartments. Prices start from Rs 1.10 crore.
“Nearly one million square feet will be developed in the project at an estimated cost of Rs 250 crore,” the statement said.
Construction on the project will begin in March 2022 and the apartments will be ready for purchase in December 2026.
“Banner is witnessing a massive influx of knowledge and services that spur the development of world-class homes, citizen amenities and a diverse culture,” said Parag Monut, General Manager of Kalpataru.
He added that the 500-acre Bashan-Banir Biodiversity Park also makes it one of the greenest minimarkets.
“On the one hand, real estate is at the beginning of a bull cycle, while on the other hand, interest rates have fallen to their lowest levels, making this a more opportune time to own real estate.” Munut said.
According to real estate brokerage PropTiger, Pune saw a 9 percent increase in sales to 42,425 units in 2021 from 39,086 units a year earlier.
Anarock reported that home sales in Pune increased by 53 per cent to 35,980 units in 2021, from 23,460 units in 2020.
According to a report by real estate firm Gera Developments, home sales in Pune jumped 12 percent to 92,896 units last year due to better demand.
Kalpataru Ltd is part of the Kalpataru Group, one of India’s leading conglomerates with interests spanning real estate, power transmission and distribution, civil infrastructure and logistics.