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Gera Developments has acquired land parcel measuring over 12.5 acres in Wagholi, Pune, ANAROCK Capital which facilitated the deal informed in a media release.
It has a development potential of 2.5 million sq ft and a total revenue potential of approximately Rs 2,000 crore. The seller has not been disclosed.
Mohammed Aslam, president, ANAROCK Capital said, “The land has been earmarked for the development of a themed residential project under Gera’s Child Centric Homes banner.”
Average housing prices in Wagholi have appreciated by 18% since 2017 – from Rs 6,100 per sq. ft. on carpet area to Rs 7,200 per sq ft in 2022.
