Macrotech Developers, a publicly listed real estate firm operating under the Lodha brand, has acquired a 2.82-acre land parcel in Pune’s Hinjewadi area for ₹110 crore.
As published by the Hindustan Times, property registration records obtained by CRE Matrix reveal that the transaction was registered on October 14, with Pune-based Paranjape Schemes Construction Limited and associated parties as sellers.
Located in Pune’s established IT hub of Hinjewadi, the newly acquired land provides direct access to the Mumbai-Pune Expressway, enhancing its appeal for both residential and commercial development. A portion of the land falls under the Special Economic Zone (SEZ) designation, adding further potential for future investment.
This purchase continues Lodha’s expansion into Pune. The developer previously launched Lodha Belmondo near the Mumbai-Pune Expressway and a separate project in Kharadi in 2023. Earlier in 2024, Lodha finalized a 100% stake acquisition in Pune-based Goel Ganga Ventures India Private Limited (GGVIPL), further strengthening its footprint in the city.
As part of the recent transaction, Macrotech paid a stamp duty of ₹6.64 crore and a registration fee of ₹30,000.
The Hinjewadi micro-market currently sees residential rates of around ₹10,000 per square foot, with Grade A office spaces fetching monthly rents between ₹50 and ₹60 per square foot, according to local brokers.
Pune’s real estate sector, however, has shown a decline in activity recently, with property registrations dropping 33% year-on-year to 11,056 in September 2024, down from 16,604 in September 2023. Month-over-month, registrations also fell 17% from 13,397 in August 2024, as reported by Maharashtra’s Department of Registrations and Stamps.
In a related development, Macrotech’s Managing Director and CEO, Abhishek Lodha, announced during the company’s Q2 FY25 earnings call that the firm had concluded its pilot phase in Bengaluru. Having entered the Bengaluru market in mid-2021, Lodha explained that the company has been focused on building a strong local team and gaining operational expertise. The developer aims to capture a 15% market share in Bengaluru’s competitive real estate market by the end of this decade.
This latest acquisition adds to a growing number of land transactions in India’s real estate market. A recent report from property consultancy CBRE showed that over 100 land deals, totaling approximately 1,700 acres, were completed across six major Indian cities from January to September 2024.