Gera Developments buys land in Pune for themed residential project
Gera Developments, a real estate company, has acquired a land parcel of about 12.5 acres in Pune’s Wagholi with a development potential of 2.5 million sq ft and likely revenue of Rs 2,000 crore.
The land—its price and seller were not disclosed—will be used for developing a themed residential project under Gera’s child-centric homes banner. The deal was closed by ANAROCK Capital, the transactions arm of real estate services firm ANAROCK Group.
Wagholi is apt for child-centric homes as leading educational institutes have operations there, said Mohammed Aslam, president of ANAROCK Capital.
Wagholi gets spill-over demand from IT hubs like Kharadi, Hadapsar, Magarpatta City, Koregaon Park, and nearby industrial zones of Ranjangaon and Shikrapur. The area’s well-developed social infrastructure is another key factor driving Wagholi’s development, said ANAROCK Capital.
“The location is extremely popular with IT/ITeS and manufacturing professionals. Average housing prices here have appreciated by 18 per cent since 2017—from Rs 6,100 per sq ft on carpet area to Rs 7,200 per sq ft in 2022—with even higher price growth for themed projects by reputed developers,” it said, referring to Information Technology and Information Technology Enabled Services.
Child-centric housing projects are designed for safety and provide recreational and educational amenities features that children find enriching.
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