Panchshil Realty affiliated entity Wagholi Estates has sold a prime land parcel spread over 4.8 acres in Pune’s Wagholi locality to a city-based realty developer Vilas Javdekar Infinitee Developers for over Rs 103 crore.
The plot sold is part of this larger land parcel on which Panchshil Realty is developing an information technology park.
“We are developing a 4.5 million sq ft IT park-led project in Wagholi and out of this large layout, 1 million sq ft residential potential to be built over nearly 5 acres has been sold through this deal. This is part of our new concept of mixed use including residential and commercial spaces,” said a Panchshil Realty spokesperson while confirming the transaction.The buyer has paid stamp duty worth Rs 7.21 crore for the registration of the transaction that took place on October 21, showed the documents accessed through realty data analytics firm Propstack.
Wagholi Estates is a wholly owned subsidiary of Panchshil Realty Developers, which is held by the family of Atul Chordia’s family, the chairman of Panchshil Group. Wagholi Estates was incorporated in May 1993 under the name Shahenshah Properties and it was rechristened to the current name in April 2024.
The company was engaged in operating and maintaining a boutique of fashion garments and accessories. In 2023-24, the company ventured in real estate development.
Wagholi in eastern Pune is known for its industrial developments and has also emerged as one of the key localities for residential developments. It has accessibility to the IT hub Kharadi, good connectivity to Pune Airport and other parts of the city, and affordable property prices.
Transactions for land parcels are gaining significant traction across major property markets in India, particularly in cities like Mumbai, Pune, Chennai, Hyderabad, and Bengaluru. These deals include both outright acquisitions and joint ventures as developers and investors look to secure prime land for new projects.Many of these transactions have already been closed, while others are in advanced stages of negotiation, reflecting the strong demand for land in these high-growth urban centres.
The increasing appetite for land is driven by the growing need for residential, commercial, and mixed-use developments as these cities continue to expand and attract both domestic and foreign investments.
