Real estate firm Kalpataru Ltd will invest Rs 250 crore to develop a premium housing project in Pune as part of its expansion plan.
The Mumbai-based company said in a statement on Wednesday that it has launched its premium residential project 'Kalpataru Aurum' in Baner, Pune.
The project, which is spread over 2.33 acres, comprises close to 450 apartments. The prices start at Rs 1.10 crore.
''Close to a million square feet area will be developed at the project at an estimated cost of Rs 250 crore,'' the statement said.
The construction of the project will commence in March 2022 and the apartments will be ready for possession by December 2026.
''Baner is witnessing a huge influx of knowledge and service industries spurring the development of world-class homes, citizen amenities, and a diverse culture,'' said Parag Munot, Managing Director, Kalpataru.
The 500-acre Pashan-Baner Bio-Diversity Park also makes it one of the greenest micro-markets, he added.
''On the one hand real estate is at the beginning of an upcycle, while on the other, interest rates have bottomed out, making this the most opportune time to acquire real estate,'' Munot said.
According to real estate brokerage firm PropTiger, Pune saw a 9 percent increase in sales to 42,425 units in 2021 from 39,086 units in the previous year.
Anarock reported that housing sales in Pune increased by 53 percent to 35,980 units in 2021, from 23,460 units in 2020.
According to a report by realty firm Gera Developments, housing sales in Pune rose 12 percent to 92,896 units last year on better demand.
Kalpataru Ltd is part of the Kalpataru Group, one of India's leading conglomerates with interests spanning real estate, power transmission, and distribution, civil infrastructure, and logistics.
