The Niranjan Hiranandani Group has announced its much-anticipated entry into the Pune real estate market through a strategic joint development agreement with Krisala Developers. The collaboration involves the development of a 105-acre land parcel in North Hinjewadi under the Integrated Township Policy, comprising residential, commercial, and retail spaces.
The total investment for the land asset is valued at Rs 2,000 crore, with an estimated revenue potential of Rs 7,000 crore. The first phase of the project spans 30 acres and is expected to deliver approximately 2 million square feet of real estate space. The initial phase alone will see an investment of around Rs 500 crore, with projected revenues reaching Rs 2,100 crore.
The proposed development will include apartments, villa plots, branded residences, and various recreational amenities aimed at offering homebuyers a holistic living experience. This strategic alliance brings together the local expertise of Krisala Developers and the extensive industry experience of the Hiranandani Group, ensuring a seamless approach to land development, approvals, and execution.
Speaking about the development, Dr. Niranjan Hiranandani, Chairman of Hiranandani Group, highlighted the impact of mega infrastructure projects on real estate. “Improved connectivity between Mumbai and Pune is driving real estate growth in both regions. Pune’s booming IT hubs, excellent connectivity, and the influx of skilled professionals have created unprecedented opportunities for development,” he said. He further emphasised the importance of innovation and strategic collaborations in achieving sustainable growth in the Indian real estate sector.
Expressing his enthusiasm, Aakash Agarwal, Managing Director of Krisala Developers, stated, “This township is designed as a self-sustained ecosystem focused on liveability, community well-being, and environmental consciousness. It caters to first-time homebuyers, second-home seekers, investors, and NRIs, ensuring inclusivity and comfort for all demographics. Sustainability is at the core of this development, with collaborations aimed at maintaining an air quality index (AQI) of 40 to ensure a healthier living environment.”
With its prime location, thoughtfully designed spaces, and world-class amenities, the township is set to redefine integrated residential real estate developments in Pune. This partnership between Hiranandani Group and Krisala Developers underscores the growing potential of Pune’s real estate market and the role of strategic collaborations in capitalizing on emerging opportunities.
The deal was facilitated by Colliers India, a leading global professional services firm. Piyush Gupta, Managing Director of Capital Markets & Investment Services at Colliers India, commented, “We are pleased to have successfully facilitated this landmark joint development agreement. The mixed-use development will become a landmark in Pune, given the credibility and industry reputation of both developers.”
As Pune’s real estate sector continues to flourish, this ambitious project by Hiranandani Group and Krisala Developers is expected to set a new benchmark in sustainable and luxury living.
