Realty firm Kolte-Patil Developers Ltd has bought 34 acres of land in Pune for Rs 350 crore for constructing a housing project.
In a statement, the Pune-based firm announced "the closure of the acquisition of a 34 acres land parcel at Wakad, Pune for approximately Rs 350 crore".
The project is owned by Kolte-Patil with a total saleable area of 2.3 million sq ft.
"The company will develop a mixed use residential housing project with some commercial aspect. The project is expected to be launched shortly after all the requisite approvals are in place," the statement said.
This land parcel is the largest contiguous plot within the city municipal limits and has a prime location on the Mumbai-Pune highway.
The Wakad land parcel lies in close proximity to the Rajiv Gandhi Hinjewadi IT Park that houses global IT companies like Infosys, Wipro, TCS, IBM, Tech Mahindra etc.
Commenting on this development, company's CEO Sujay Kalele said: "This is the largest reported land deal within the city limits in Pune and was funded largely through internal accruals".
Kolte-Patil Developers has constructed 42 projects including 30 residential, 8 commercial and IT Parks projects across Pune and Bangalore and had recently forayed into the Mumbai market.
