Akruti to invest Rs 1,500cr in Pune

Real estate and construction company Akruti City (formerly Akruti Nirman) today outlined plans to expand its activities in Pune by constructing residential and commercial buildings, IT parks and special economic zones.

Hemant Shah, chairman, Akruti City, said the company has already begun constructing a special economic zone for the information technology sector in collaboration with another real estate major DLF. This is a 5 million sq ft project at Hinjewdi near Pune, the first phase of which is already sold, he said.

Akruti City has a land bank of about 150 acres in and around Pune and will commission a slew of projects to be completed over the next three years, Shah said. The total area of construction will be about 12 million sq ft for which an investment of Rs 1,500 crore is planned, he added.

Shah said the company has a strong track-record in slum redevelopment and will look for opportunities in this space in Pune as well.

Akruti City is now considering entering high-growth markets like Bangalore, Delhi, Gurgaon and Gujarat. Shah said land acquisition in these markets is being actively pursued and some announcements are expected in near future.