Lodha Group Expands Pune Presence with ₹110 Crore Land Acquisition in Hinjewadi

Mumbai-based Macrotech Developers, popularly known as the Lodha Group, has bolstered its Pune portfolio by acquiring a 2.82-acre land parcel in Hinjewadi for ₹110 crore. This transaction, documented by CRE Matrix, highlights Lodha’s growing footprint in one of India’s key real estate markets.

A Strategic Move in Hinjewadi

The newly acquired land is situated in Hinjewadi, Pune’s premier IT hub, offering proximity to the Mumbai-Pune Expressway and SEZ benefits. Lodha paid a stamp duty of ₹6.64 crore and a nominal registration fee of ₹30,000 for the deal. Local market data reveals residential property prices in Hinjewadi hover around ₹10,000 per sq. ft., while rents for Grade A office spaces range between ₹50-₹60 per sq. ft.

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Lodha’s Growing Pune Portfolio

Lodha Group’s foray into Pune began with Lodha Belmondo, a luxury project near the Mumbai-Pune Expressway. Following its success, the developer launched another project in Kharadi last year and strengthened its Pune presence by acquiring Goel Ganga Ventures India Private Limited in early 2024.

Pune’s Real Estate Trends

Despite Lodha’s optimism, Pune’s real estate market has faced headwinds. Property registrations dropped by 33% year-on-year in September 2024, with only 11,056 properties registered compared to 16,604 in September 2023. Month-on-month registrations also fell by 17% from August, according to Maharashtra’s Department of Registrations and Stamps.

Expansion Beyond Pune

Lodha’s ambitions are not confined to Pune. The group recently concluded a successful pilot phase in Bengaluru, where it aims to capture a 15% market share by the decade’s end. According to Abhishek Lodha, Managing Director and CEO of Macrotech Developers, the Bengaluru pilot focused on building a strong operational base and understanding local consumer demands, setting the stage for long-term growth.

A Flourishing Land Deal Landscape

The Hinjewadi deal is part of a broader trend in India’s real estate sector. Between January and September 2024, over 100 land transactions covering approximately 1,700 acres were recorded across six major cities, as reported by property consultancy CBRE.

Conclusion

Lodha Group’s ₹110 crore investment in Hinjewadi underscores its confidence in Pune’s real estate potential, despite current market fluctuations. With its strategic acquisitions and expansions, Lodha continues to solidify its position as a leading player in India’s real estate sector.